China Trade Deficit In Food Up 14-fold: Report

From AFP:

China registered a 7.57 billion dollar trade deficit in agricultural products during the first five months of 2008, up by more than 14-fold over the same period last year, state press said Sunday.

China imported 23.75 billion dollars of agricultural products in that period, up 59 percent over last year, the official Xinhua news agency said, citing the agriculture ministry.

The nation exported 16.18 billion dollars of agricultural products during the period, up 12 percent over the first five months of 2007, it said.

China has reacted to soaring global food prices by raising taxes on food exports this year by up to 25 percent.

Read also China’s farm produce trade deficit up 14.3 times in first five months by Xinhua.

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