By the end of 2018, China will be the world leader in corn and other grain exports, according to data released by the United States Department of Agriculture (USDA) and the World Bank.
The USDA reported last month that China was the world top importer of corn, soybeans, cotton, wheat and other agricultural commodities, accounting for an estimated $2.5 trillion in global trade.
China accounts for just under 10 percent of global agricultural exports, while the United Kingdom is the largest exporter, accounting, at around $400 billion.
The data, which were released in a recent report from the International Centre for Agricultural Research (ICAR), show that China accounted for more than half of the global corn and a whopping 77 percent of the soybean exports last year.
China accounted, for instance, for a whopping 74 percent of all corn exports, with exports reaching $1.3 trillion.
“China’s rise is one of the most dramatic changes in global agriculture over the past half-century, and its export growth has been unparalleled,” said Richard Bode, director of ICSAR’s Asia-Pacific division.
“The combination of rapid industrialization and China’s growing agricultural export base will help propel China’s economic growth to unprecedented heights.
As the world continues to transition to a low-carbon economy, China has a role to play in bringing a low carbon and resilient global economy to full scale. “
In 2019, China’s growth rate will be even higher.
As the world continues to transition to a low-carbon economy, China has a role to play in bringing a low carbon and resilient global economy to full scale.
It’s time for the U.S. and China to step up to the challenge and join forces.”
The data also show that corn imports from China are expected to grow at an average annual rate of 5.6 percent in 2019, surpassing the previous year’s record 6.6-percent increase.
Wheat imports are expected at an even more impressive 5.7 percent growth, eclipsing the 7.6% average annual growth from the previous years.
In 2018, corn imports were up 12.6%, wheat imports were down 8.2% and soybean imports were at an all-time high of 24.9%.
The USDA estimates that China will have a significant impact on the world supply of wheat, with an estimated 12.4 million metric tons of grain being imported from China in 2019.
Corn imports from the United Nations are expected grow an additional 17.9 percent in the coming year, with India being the biggest beneficiary of this surge.
China, by contrast, is expected to have a negligible impact on U.N. grain imports, with a projected increase of 0.6 million metric ton of grain in 2019 and an increase of less than 1 percent in 2020.
The U.K. and France are also expected to take a major hit as China’s impact on world grain imports grows.
The United States and France will both see their wheat imports decline by 2.4 percent, and the U