:. Food Industry News


China Restricts Flour Exports as Food Prices Rise

Source: Reuters
02/01/2008

Beijing, Jan. 1 - China has imposed export quotas on flour made from wheat, corn and rice to help stabilise rising prices, the Commerce Ministry said on Tuesday, in the latest measure aimed at discouraging sales abroad.

Daily News Alerts

The export quotas, of which it gave no details, would be temporary, and the duration would depend on the domestic market situation, the ministry said in a statement on its Web site.

They came into effect on Jan. 1, it added.

"Recently, global grain prices have continued to grow, and exports of Chinese flour have risen fast," it quoted an unnamed official as saying.

"To appropriately adjust the export scale, avoid affecting domestic supply, stablise present domestic grain prices, and guarantee domestic grain security, our country decided to make these revisions to the flour export policy," the official said.

On Sunday, the Finance Ministry said it would impose tariffs of between 5 and 25 percent on some grain exports in 2008.

The move comes amid the fastest consumer inflation in more than a decade, driven mostly by soaring prices for food.

It follows Beijing's scrapping from Dec. 20 the 13 percent tax rebate on exports of grains including corn, wheat, rice and soybeans.

Beijing has already stopped exports of corn and wheat since the second half of last year on worries that domestic output may not be enough for its own consumption, particularly after world grain prices surged on ethanol demand and poor crops.



GO   View more articles on this subject


More Alerts from 02/01/2008


Email This Article To A Colleague     Print A Copy Of This Page
 
 
 
 
FLEXNEWS - Business News for the Food Industry

About Us | Contact Us | Terms & Conditions | Privacy Policy
 
Daily News Alerts
Related Items
China to Cancel Tax Rebates on Some Grains Exports...
China to Issue 2010 Quotas for Wheat, Corn, Rice and...
Chinese Rice, Sugar and Corn Exports Slump in Q1 2009
China Cotton, Rice, & Corn Import Quotas Stay Same...
China Shall Expand Rice Bran Oil to Address Shortages
Manila Kicks Off 2010 Rice Buys Early After Typhoon
Junior Explorers May Lure Top Farming Nations
China Food Prices Won't Stoke Inflation
Vietnam-Manila Rice Deal Seen at 400,000 T, Corn Eyed
Philippines Sees 2009 Rice, Corn Output Up

More in Food Industry News
Procter & Gamble Repurchasing Shares, Quiet on...
US Shoppers Going Green Despite Struggling Economy
Wessanen Sells Liberty Richter to World Finer Foods
Cheesecake Factory Sticks to 2010 Forecast
Brenntag Changes 2.5 Bln Euro Loan to Allow IPO
European Commission Refers Greece to ECJ over Unjustified...
JM Smucker's Quarterly Net Income Increases 172%
Ferrero, Hershey Would Likely Break up Cadbury
Indonesia's Astra Agro Revises Up CPO Forecast
Cocoa Supplier Olam to Benefit from Consolidation Among...

Top Headlines
Procter & Gamble Repurchasing Shares, Quiet on...
US Shoppers Going Green Despite Struggling Economy
Wessanen Sells Liberty Richter to World Finer Foods
Cheesecake Factory Sticks to 2010 Forecast
European Commission Refers Greece to ECJ over Unjustified...
JM Smucker's Quarterly Net Income Increases 172%
Cocoa Supplier Olam to Benefit from Consolidation Among...
Avebe and National Starch Food Innovation to Expand...
Auchan Backs Hypermarkets as Rivals Rethink
Ferrero Could Eye Cadbury Gum, Candy Unit
Dole Food Posts Wider Q3 Loss
Fonterra Sells Stake in UK Joint Venture to Arla
Imperial Sugar Company Closes Three-Way Joint Venture...
PepsiCo to Invest $100 Million in Egypt in 2010
Ex-Parmalat Auditors Settle US Investor Lawsuit
Tesco in Broadband Push as Reaches Beyond Groceries
India Sugar Protest Forces Parliament to Shut
Kerry Group Keeps Full Year Earnings Growth Forecast
Nestle Professional to Acquire Vitality Foodservice
Pinnacle Foods Acquires Birds Eye Foods for USD 1.3...
DSM Makes Great Strides in Production Processes for...
Russian Grocer X5 Plans Higher 2010 Capex
Brazil: Laep in Talks to Sell Dairy Plant to Nestle
SunOpta Announces Opening of Natural and Organic Sesame...
Products Comprising, and Uses of, Decarboxylated Phenolic...
Process for the Preparation of Packaged Heat-Preserved...


 


FLEXNEWS 2009 - All rights reserved
ISSN 1950-6228