Chinese corn imports are currently at their slowest pace in seven years, indicating that meeting reduced annual purchase forecasts may be challenging. In January and February, China imported only 180,000 tons of corn, totaling 1.07 million tons for the 2024-25 marketing year that started in October, according to recent customs data. The last time imports were this low was back in 2017-18 when 1.03 million tons were recorded in the first five months.

The Ministry of Agriculture anticipates only 9 million tons of corn purchases for the entire year, which is less than half of the previous season and significantly lower than the initial estimate of 13 million tons. In comparison, China purchased just 3.5 million tons in 2017-18. Sluggish economic conditions have led to reduced consumption of agricultural products. The government has urged traders to limit overseas grain purchases, including corn, to support domestic prices and safeguard farm profits. Factors contributing to decreased imports also include the recent 15% tariff imposed on US corn as part of China's retaliation to US tariffs.

With weaker demand from the struggling livestock industry driving corn futures to their lowest level in over three years in January, the state stockpiler had to intervene to stabilize the market. In response to President Trump's tariffs, Chinese banks are reducing consumer loan rates to historical lows to stimulate growth. The surge in electric vehicle production in China is linked to the cobalt crisis in Congo. As the US withdraws from the Paris climate accords again, it presents an opportunity for China and the EU to enhance their climate ambitions and cooperation.