China leaves 2024 import tariff quota for corn, wheat unchanged

China’s state planner has left its tariff rate quotas for 2024 wheat and corn imports unchanged from the previous year, according to a notice from the official website of the National Development and Reform Commission (NDRC).

The tariff quota (TRQ) for 2024 corn was unchanged from last year at 7.2 million mt, of which 60% was allocated to state-owned tradehouses.

The quota for wheat imports in 2024 will also remain unchanged at 9.636 million mt, with state-run traders expected to account for 90% of that volume.

The TRQ is a system in which the government defines a volume threshold for wheat, corn, and rice that can be imported into the country at a lower-than-normal tariff.

The purpose of the TRQ is to prevent the potential impact of excessive imports of the three products on China’s domestic ones.

The low tariff rate for the products’ imports in China is set at 1%, while a 65% tariff is imposed on any volumes over the TRQ.

China’s imports of major grains have surged over the past several years, while its TRQs have been almost unchanged since 2004.