According to a post on the government website, The Chinese government is planning to benefit of the current lesser worldwide rice prices by importing more rice at the existing lesser prices.
Added imports would support in uplifting local rice supplies and thus safeguarding food security in the country. Though, government would not exclusively depend on imports to upturn rice stocks in the country, imports would balance local rice production.
According to data from China’s Customs and General Administration, “China imported around 1.65 million tons of rice in the first eight months of 2014, up about 4% from around 1.586 million tons imported in the similar phase previous year. China imported around 72.49 million tons of grains, including rice, in the first ten months of 2014, up about 19% from around 60.92 million tons imported last year. Rice imports constitute around 2.2% of the total grain imports by China.”
International rice export prices in main rice exporting countries such as Thailand, India, and Vietnam have been weakening for the last couple of months due to rigid rivalry and increased supplies from continuing crops.
Export prices in Vietnam and India dropped nearly 6% m/m and 2.4% m/m to near $379 per ton and $362 per ton respectively. USDA evaluates China to import around 3.9 million tons of rice in MY 201415 (July June), untouched from previous year.