As Grocery Prices Rise, Tomato and Vegetable Canned Goods Sell Like Hotcakes
As global inflation drives up grocery prices, exports of canned goods from China saw a significant increase last year.
On the 20th, China's state-run broadcaster CCTV reported that last year's export value of Chinese canned goods reached 47.4 billion yuan (approximately 8.9989 trillion won), a 22% surge compared to the previous year. In terms of export volume, it rose 12% during the same period to 3.125 million tons. Both export value and volume reached record highs.
The main items included tomatoes, mushrooms, seafood, and corn, which experienced sharp price increases and production declines. CCTV reported that these products were mainly exported to Asia, Europe, Africa, and North America. A representative from a canned goods manufacturer in Guangdong Province told CCTV, "Last year's export value doubled, and monthly orders are increasing by 10%. The frequency of orders is also becoming shorter."
According to Tianyancha, a Chinese corporate information provider, there are about 46,000 canned goods-related companies in China, with over 430 new companies entering the market last year.
According to the World Bank (WB), global food prices are expected to rise by more than 5% this year compared to the previous year. Adverse weather, the Ukraine war, interest rate hikes in major countries, and rising energy prices have combined to put most low- and middle-income countries under high inflation pressure. The WB has launched a $30 billion support package aimed at strengthening food and nutrition security and food systems to address the food crisis. Countries worldwide are focusing on food security. As of December last year, 19 countries worldwide had banned food exports, and 8 countries had imposed export restrictions on certain items.
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