China: Barley imports soar to 11.7 mln tonnes in October-May 2023/24
Between October-May 2023/24, China imported a cumulative 37.8 million tons of corn, sorghum, and barley, setting a record for the period and nearly doubling the volume imported for the same period in the previous year, USDA said in its latest report published on July 12.
Large imports are primarily driven by a current significant discount for imported feed grains, particularly at South China ports, despite large domestic corn supplies. FAS/Beijing reports imported Brazilian corn at $285/ton, versus $348/ton for local China corn as of late June 20242.
Barley imports soared to 11.7 million tons, surpassing all previous records, while sorghum imports reached 5.2 million tons – the highest for the period since 2015/16. Imports of sorghum and barley are attractive as they are not restricted by a tariff-rate quota (TRQ). Also, sorghum and barley imports tend to be economical relative to the price of China’s domestic corn, encouraging purchases from private importers.
Prices for both barley and sorghum have declined substantially year to year due to improved global feed grain supplies, improving importer margins and elevating demand. Sorghum imports were almost exclusively supplied by the United States, totaling 4.1 million tons, thanks to a rebound in U.S. production. Barley imports, on the other hand, largely came from France, Australia, and Argentina. If realized, China imports of barley in 2023/24 will constitute almost 50 percent of all global barley imports.
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