USTR and USDA release report on agricultural trade between the U.S. and China
Topics: U.S. CHINA
To date, China has implemented at least 50 of the 57 technical commitments under the Phase One Agreement. These structural changes will benefit American farmers for decades to come. China also has substantially ramped up its purchases of U.S. agricultural products.
To date, China has purchased over $23 billion in agricultural products, approximately 71% of its target under the Phase One Agreement. Highlights outlined in the report include:
- Corn: Outstanding sales of U.S. corn to China are at an all-time high of 8.7 million tons.
- Soybeans: U.S. soybeans sales for marketing year 2021 are off to the strongest start in history, with outstanding sales to China double 2017 levels.
- Sorghum: U.S. exports of sorghum to China from January to August 2020 totaled $617 million, up from $561 million for the same period in 2017.
- Pork: U.S. pork exports to China hit an all-time record in just the first five months of 2020.
- Beef: U.S. beef and beef products exports to China through August 2020 are already more than triple the total for 2017.
In addition to these products, USDA expects 2020 sales to China to hit record or near-record levels for numerous other U.S. agricultural products including pet food, alfalfa hay, pecans, peanuts, and prepared foods. ■