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Recent buzz that China's grain imports are rapidly increasing has resulted in a price surge of agricultural products. But experts say it's a rumor with no foundation and China's agriculture supply is more than enough for domestic demand.
According to the nation's Agriculture Ministry, China has imported more than 39 billion US dollars worth of agricultural products in the first 7 months this year...that's up more than 30 percent compared with same time last year.
The increase led to media speculation that China's imports were rising aggressively because grain supply couldn't meet demand.
An expert from Chinese Academy of Agricultural Sciences, says the speculation is baseless. He says imports simply adjust surpluses and deficiencies.
In reality, China imported less than 3 million tons of grain. That makes up less than 1 percent of domestic production and has little impact on global price and supply. As China only imports a small amount, a little increase seems like surge.
Playing down fears that further imports will trigger price hikes, experts say the situation will improve, as the autumn harvest is just around the corner.