May 29, 2009 / 10:16 AM / 9 years ago

FACTBOX:China's climb to dominate global commodities trade

(For related story see CHINA AGBANNK/NEW YORK or [ID:nHKG24542])

May 29 (Reuters) - The Agricultural Bank of China is set to open in New York and London, building a round-the-clock commodity trading team to further Beijing’s ambition to be a major force on commodity markets.

Agbank will focus on trading in agricultural commodities and derivative products such as grain and corn, some of the few markets in which China is not a dominant player.

The world’s biggest importer of soybeans, and several other key commodities, it trades very little wheat or corn, although many analysts expect it will eventually be forced to buy these goods abroad, a move that may trigger a buying frenzy in the Chicago trading pits. Here is some data showing China’s rapid ascent through the ranks of global importers to top commodity tables. ************************************************************

**CRUDE OIL-million barrels per day-percent of global trade*

2000: 1.4 4.0

2008: 3.6 9.0 * China is expected to overtake Japan this year as the world’s second biggest importer of crude oil, after the U.S.

Sources: China Customs; BP Statistical Review; 2000 world trade based on estimated share of world oil trade. ************************************************************

**IRON ORE——million tonnes———-percent of global trade**

2008: 444 51.9

* China overtook Japan as the world’s top consumer in 2004.

Source: Reuters ************************************************************

**COPPER————- tonnes—————-percent of global trade**

2000: 667,620 N/A

2008: 1,458,229 19.2 in 2007

* China is the world’s top importer of copper and aluminium.

Source: Reuters ************************************************************

*NATURAL RUBBER—-thousand tonnes—-percent of global trade*

2008: 1,682 N/A

* China overtook the U.S. to become the worlds’ top importer of natural and synthetic rubber in 2002.

Source: Reuters, Association of Natural Rubber Producing Countries (ANRPC) ************************************************************

**SOY BEANS———million tonnes——percent of global trade**

2008: 72.3 73.3

* China overtook the Netherlands to become the world’s top soybean importer in 1999.

Source: U.S. Department of Agriculture ************************************************************

Source: Reuters (Compiled by Gillian Murdoch; Editing by Clarence Fernandez)

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