Consumer
China’s Falling Corn Imports Show Hit to Consumer Confidence
- USDA cuts import forecast for 2024/25 season by around 13%
- Purchases likely to be less than half of levels in 2020/21
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China’s corn imports are expected to total just 14 million tons in the current season, less than half of their peak during a buying spree a few years ago, according to the US Department of Agriculture.
The agency trimmed its estimate by 2 million tons for the 2024-25 year through September in a report released Tuesday, citing lower purchases from Brazil. It offers fresh evidence of how China’s economic slowdown and property crisis has battered consumer confidence. Corn is mainly used as animal feed in the country, and demand growth has suffered as cost-conscious households cut back on meat and restaurant outings.