Analysis on the status quo and development Trend of The import and export of Agricultural products in China in 2020

1. The growth rate of China's total import and export of agricultural products has accelerated significantly

As a large agricultural country, import and export trade of agricultural products occupies an important position in China's national economy. In recent years, with the continuous expansion of China's foreign trade, China's agricultural trade has also been rapid development. According to the data, China's total import and export of agricultural products reached us $230.07 billion in 2019, up 5.5% year on year. In the first half of 2020, China's total import and export of agricultural products reached us $115.9 billion, up 7.5% year on year and accelerating significantly.

China's agricultural import and export trade occupies an important position in China's foreign trade. From 2015 to 2019, the proportion of agricultural products in China's total foreign trade exports remained stable at the level of 6%-7%, while the proportion of imports remained between 3%-4%. It can be seen that the proportion of imports showed a trend of significant increase. In 2020, affected by coVID-19, novel Coronavirus is constantly appearing in imported agricultural products in China. It is expected that in 2020, the import of agricultural products will further strengthen the detection and supervision, which will be affected to some extent.

2. The import of agricultural products increased significantly

Since China's accession to the WTO, China's agricultural exports on the whole show a trend of expanding scale, growth rate more than maintain single-digit growth, agricultural exports have certain competitiveness. China's agricultural exports fell in 2019. Since the outbreak of COVID-19, China's agricultural exports have been significantly affected. In the first half of 2020, the decline was 3.8 percent.

In the early stage, the supply chain of exported agricultural products was blocked due to restrictions on the movement of people and delayed resumption of work of enterprises and other epidemic prevention measures, resulting in great business difficulties. As the situation of epidemic prevention and control in China continues to improve and the emergency response level of epidemic prevention and control is downgraded, the government has introduced a series of policies on agricultural products and agricultural materials, transportation and logistics, taxes and fees, credit, and the resumption of work and production in a timely manner, and the implementation effect is obvious. However, the production schedule and export delivery have been delayed.

As a major importer and exporter of agricultural products in the world, China mainly imports agricultural products including soybeans, dairy products, beef and wine. Soybean, as the main imported crop in China, is used to be processed into edible oil on the one hand and the rest for feed on the other hand. As China is a populous country, due to dietary habits and other factors, edible oil is indispensable, leading to soybean has been highly dependent on imports.

The data show that the import value of China's agricultural products showed an overall upward trend from 2015 to 2019. In 2019, China's imports of agricultural products totaled us $149.85 billion, up 9.3 percent year-on-year. In the first half of 2020, the import volume of agricultural products in China reached us $80.75 billion, with a year-on-year growth of 13.2%, representing a large increase.

3. China's trade deficit in agricultural products increased

After 2004, China's agricultural trade began to enter the era of deficit, China's agricultural dependence on the external rising. From 2015 to 2019, China's trade deficit in agricultural products has been on the rise. In 2019, the trade deficit was 71.28 billion US dollars, up 24.2 percent year on year. China's trade deficit in agricultural products in the first half of 2020 was us $45.6 billion, up 31.1 percent year-on-year. On the whole, China's agricultural trade deficit growth range is larger.

With the development of China's industrialization and urbanization, the cost of China's agricultural products will be further increased, and import will be a long-term trend. China's consumer level has gradually improved, promoting the import of high-quality agricultural products as a market trend.