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China Drop In Dairy Exports Could Signal Commodity Rise
Irwin Greenstein (December 3rd, 2008) Writes:
While China may blame the rest of the world for its dramatic decline in exports, Beijing has no one else to blame but itself for the steep drop in dairy exports.
An article in today’s China Daily reported that the country’s dairy exports “have ground to a halt” in the wake of the tainted-milk scandal.
The latest numbers from China’s General Administration of Customs (GAC) showed that only 1,036 tons of dairy products were exported in October 2008, down 92% year-on-year. From January to September, the monthly average export of dairy products was 12,000 tons.
Once again, China is looking to the U.S. to rescue another of its exports. With the US-China Strategic Economic Dialogue (SED) on economic, trade and food safety issues slated to begin on Thursday, China is hoping it would pave the way for the Federal Drug Administration to accept the results of a Chinese agency that tests food safety.
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