China’s farm produce trade deficit mounts

July 13th, 2008 - 12:02 pm ICT by IANS  

Beijing, July 13 (Xinhua) China’s trade deficit in agricultural produces rocketed 14.3 times over last year’s level to $7.57 billion in the first five months of the year, the agriculture ministry said Sunday. Between January and May, the nation saw net cereal exports decline drastically and trade deficit in animal by-products increase rapidly.

During the period, the country exported 1.19 million tonnes of cereals, down 76.6 percent from the previous year, and imported 911,000 tonnes, up 14.2 percent. The net exports stood at 276,000 tonnes, down 93.5 percent.

In the five months, animal by-products worth $1.65 billion were exported, while imports stood at $3.28 billion, up 35.9 percent registering a trade deficit of $1.63 billion.

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