Monday World Business News

Sino agri trade deficit ups Press Trust of India . Beijing
China's trade deficit in agricultural products shot up 14.3 times to $7.57 billion in the first five months of 2008 as compared to a year earlier, the ministry of agriculture said. Foreign trade in agricultural products was valued at $39.93 billion, a 36.1 per cent rise year on year, including $16.18 billion in export value, up 12.2 per cent, and $23.75 billion in import value, a 59.2 per cent jump. China's net cereal exports dropped drastically in the five-month period and trade deficit in animal by-products increased, the ministry, quoted by official Xinhua news agency said. During the January-May period, China exported 1.19 million tons of cereals, down 76.6 per cent from a year-earlier, but imported 911,000 tons, a figure up by 14.2 per cent. The net exports stood at 276,000 tons, down 93.5 per cent. The Ministry said $1.65 billion worth of animal by-products were sold abroad, up by 10 per cent, while $3.28 billion worth were imported, up 35.9 per cent. The trade deficit was $1.63 billion, which was up 78.6 per cent. China imported 3.58 million tons of edible vegetable oil, up 11.2 per cent. The total included 1.13 million tons of soyabean oil, up 7.6 per cent, 98,000 tons of rapeseed oil, down 12.8 per cent, and 2.33 million tons of palm oil, up 17.1 per cent, the report said.