China: Tariff rate quotas for cereals to remain unchanged in 2015

27/02/2015,

In order to promote purchases of domestic stocks, import tariff-rate-quotas (TRQ) for 2015 will remain unchanged from the previous year at 9.64 million tonnes of wheat, 7.2 million tonnes of maize and 5.32 million tonnes of rice, with 10, 40 and 50 percent, respectively, allocated to private traders. However, private buyers are increasingly importing sorghum as a substitute feed grain. Unlike maize, sorghum is not subject to annual TRQ restrictions and import prices are considerably lower than those of domestic maize. In the first three months of the 2014/15 marketing year (October/September) China is estimated to have imported 2.1 million tonnes of sorghum and only 980 000 tonnes of maize. Sorghum imports for 2014/15 marketing year are officially forecast to reach an all-time high of 6.4 million tonnes, up 54 percent from the record level of the previous year

Country: China