USDA Agricultural counsellor: China will increase the import of corn in 2002 / 03

Introduction: on Wednesday, the U.S Department of Agriculture reported that China had cancelled the purchase of 500000 tons of U.S corn delivered in 2001 / 02, but a counselor's report issued by the U.S Bureau of agriculture overseas said that China's corn import would increase in the next market year According to the report, China's accession to the World Trade Organization has an important impact on China's corn import and export China's accession to the WTO means that it needs to eliminate all export subsidies and impose a large number of tariff rate quotas on wheat, corn and rice imports, but the implementation of such quotas is slow At present, China continues to export subsidized corn according to the contract signed before China's accession to the WTO The distribution of tariff rate quota that should have been in place on January 1, 2002 will not be announced until March 5 The agriculture counsellor reported that at present, China's corn stocks are still large, especially wheat and rice These inventories will limit TRQ imports from China for this market year and the next market year The agriculture counsellor reported that if the international corn price is low enough to make it uneconomical for China to use domestic rice or wheat in feed formula, then China will increase the import of corn The import of wheat and rice is mainly limited to the demand for high-quality wheat and rice, because domestic production cannot meet the demand for these high-quality food In addition, corn imports will be subject to GMO regulations In the long run, the prospects for imports will improve as China's current corn stocks fall.