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Jan-May farm produce trade deficit soars

(Xinhua)
Updated: 2008-07-14 15:02

China's trade deficit in agricultural products rocketed 14.3 times on the year-earlier level to $7.57 billion in the first five months of this year, sources with the Ministry of Agricuture said on Sunday.

Foreign trade in agricultural products amounted to $39.93 billion in the five-month period, a growth of 36.1 percent year-on-year. The total included $16.18 billion in export value, up 12.2 percent, and $23.75 billion in import value, up 59.2 percent.

The five months saw the nation's net cereal exports decline drastically and trade deficit in animal by-products increase rapidly.

Between January and May, China exported 1.19 million tons of cereals, down 76.6 percent from the year-earlier level, but imported 911,000 tons, up 14.2 percent. The net exports stood at 276,000 tons, down 93.5 percent.

In the five months, $1.65 billion worth of animal by-products were sold abroad nationwide, up 10 percent, while $3.28 billion worth were imported, up 35.9 percent. The trade deficit was $1.63 billion, up 78.6 percent.

Meanwhile, the country imported 3.58 million tons of edible vegetable oil, up 11.2 percent. The total included 1.13 million tons of soybean oil, up 7.6 percent, 98,000 tons of rapeseed oil, down 12.8 percent, and 2.33 million tons of palm oil, up 17.1 percent.