China to become 2nd largest importer of US agriculture products
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According to a report released by the United States Department of Agriculture on Tuesday, in the fiscal year of 2011, China is expected to spend US$15 billion to purchase agricultural products from the U.S., and thereby surpassing Mexico to become the second largest import country of U.S. agricultural products.
China's import value of agricultural products has been increasing rapidly in recent years. From 2000 to 2009, the average annual growth rate of import value was about 18.7 percent, higher than that of export value.
The data from China's Ministry of Agriculture released on August 31 shows that the total import value of the country's agricultural products reached US$39.18 billion from January to July this year, a year-to-year increase of 33.6 percent; China's unfavorable balance of trade on agricultural products increased by 61.9 percent to US$13.05 billion.
China's business press carried the story above on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.
