Kazakhstan suspends wheat exports to China following sudden tariff changes, exacerbating the impact of a projected wheat surplus and causing prices to plummet.
Wheat woes will hit Kazakhstan during the second half of 2024. A projected overabundance of the country’s chief agricultural export commodity is expected to keep prices down. Compounding the challenges, Kazakhstan has suspended wheat exports to China for an undetermined period following unilateral tariff changes by Beijing.
Grain can now only be imported duty-free according to quotas distributed among Chinese enterprises by a state-controlled regulatory agency. The changes in the tariff regime seem to have caught Chinese traders in Xinjiang flat-footed. Facing a huge, unexpected surge in costs, Chinese traders have reportedly told their Kazakh counterparts that “they will not be able to accept wheat cargoes from Kazakhstan, even if they are already on the way,” according to the Eldala.kz report.
Wheat Exports China Tariffs Trade Dispute Agricultural Surplus Economic Impact Political Tensions Xinjiang Kassym-Jomart Tokayev Xi Jinping
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