China’s customs authorities impose strict phytosanitary requirements on wheat supplied to the country. This factor slows down the increase in imports of this agricultural crop from Russia to the PRC, despite the overall growth in bilateral trade, informs Bloomberg agency.
At the same time, total wheat imports to the Chinese market in the first four months increased by more than 60% compared to 2022. By the end of April this year, the amount of wheat imported to the country was approximately 6 million tons. But Russia accounted for only 30 thousand tons, which turned out to be 0.5% of the total volume of agricultural imports to China. The main reasons are the tightening of phytosanitary rules and logistical difficulties.
By comparison, Australia and Canada are the top wheat importers to China. These countries received a share of 59.7% and 18.3%, respectively. The final alignment, also influenced by the international sanctions imposed by Western countries against Russia, lies in the material.
May 22 wheat prices fallen To a two-year low during the extension of the grain deal. During morning trading on the Chicago Mercantile Exchange, prices fell to $6.05 per bushel, the lowest since April 2021. One of the main reasons for such dynamics was the extension of the grain agreement, which allowed Ukrainian and Russian agricultural products to enter the world market.