Chinese imports of honey straw surged last year after a honey producer in the country’s north-west region started selling the product online, making it cheaper to produce than a standard container of the commodity.
Now, the number of Chinese honey straw exports is estimated at around 1 million tons, or $200 million, according to a Reuters analysis of data from the Chinese government’s Export Administration of China (AAC).
This year, imports of the precious metal jumped from less than 50,000 tons last year to nearly 60,000 tonnes, according the analysis, which uses official statistics from the AAC.
In a bid to make the honey straw more affordable, the AEC added a discount for honey straws to its website on Wednesday.
It also made it cheaper for buyers to purchase a batch of honey.
Honey straws are made by fermenting honey with water, sugar and a chemical called propylene glycol, and then adding enzymes that break down the honey into tiny droplets.
The honey is then filtered through a series of filters, which removes some of the water and gives it more honey.
The cheapest price is $8 per pound, but the price of a gram of honey at the Chinese market rose to more than $60 in February.
The AEC’s data shows the price increased by more than 200 percent over the previous year.
In China, where there is an increasingly strict government ban on imported Chinese goods, imports have surged.
A year ago, China’s imports were expected to fall below 200,000 metric tons this year, but imports of $150 billion is more than double that amount.
The rise in imports has triggered concern about how the country will cope without the honey in the future.
Hovering over the country, however, is China’s soaring stock market, which is now worth nearly $14 trillion.
It is the world’s biggest trading country, and its stock market has soared more than 250 percent over five years.