UK has reached an agreement with China which would allow the import of UK dairy products made with milk from third countries. The agreement is estimated to be worth £240 million over 5 years to the UK.
With demand for most dairy categories growing by more than 20% each year in China, it is one of the country’s fastest growing areas of food demand. The UK exported over £96 million of dairy products to China in 2017, and there has been significant interest in the market.
Chinese consumers’ demand for imported food has been growing steadily as the standard of living in China improves, according to a statement from the General Administration of Customs.
China’s total food imports amounted to $58.28 billion last year, up 25 per cent year-on-year, while the annual average growth rate over the previous five years was 5.7 per cent, data from the administration showed.
The European Union remained China’s largest supplier of food, followed by the United States, New Zealand, Indonesia and Canada. Meat, oil, dairy, and seafood were among the most popular food imports in China.
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Russian President Vladimir Putin said he had extended a ban on food imports from the West by one year, Reuters reports.
Putin told a meeting of government members that he had signed the necessary order.
The ban, which prohibits most food imports from the United States, European Union, Australia, Canada and Norway, was expected to be prolonged for six months starting from early August after the European Union extended.