November 25, 2010

China to buy 5.5 million tonnes of US soy

Chinese officials signed agreements on Monday (Nov 22) pledging to buy over 5.5 million tonnes of US soy worth almost US$3 billion.

The signing ceremony was held at USDA headquarters in Washington, D.C., where Agriculture Secretary Tom Vilsack attended.

"The US-China trade relationship continues to flourish, thanks in large part to agriculture," said Vilsack. "US farm exports to China have grown nearly tenfold over the past decade, from US$1.5 billion in fiscal year 2000 to US$15 billion in 2010. With each $1 billion in exports supporting 8,000 jobs, that $15 billion supports nearly 120,000 US jobs."

Last year, China became the second largest export market for US agriculture overall and remained the largest market for US soy, with 2010 sales of US$9 billion.

China will continue to be a key trading partner as agriculture contributes to President Obama's goal of doubling total US exports over the next five years, Vilsack added.