February 24, 2023
US shipped US$36.4 billion worth of farm goods to China in 2022, soybean exports reach new high
Data from the US government showed the US shipped US$36.4 billion worth of agriculture goods to China last year, increasing year-on-year for a second year, with soybean exports reaching a new high, Global Times reported.
The data shows the importance of China's sizable market, steadfast demand, and dedication to the bilateral China-US phase one trade agreement in boosting trade flows.
Experts urged the US Biden administration to abandon its zero-sum game and decoupling policy against China and put more positive momentum into the sustainable and healthy development of bilateral economic and trade ties. The trade activities show how the joint efforts of both sides in implementing the trade deal achieved win-win outcomes, they said.
Jim Sutter, CEO of the US Soybean Export Council and chairman of the US Agricultural Export Development Council, said that demand has been strong this marketing year, and is now at the second-highest level in the past five years at this point in the market year.
Sutter said China's animal protein industry recovery post-African Swine Fever. (ASF), continuing rising demand for nutrient-dense protein in China, and the dependability of US suppliers amid a challenging global operating environment were the growth drivers of China-US food and agricultural trade reaching record levels.
China is the biggest soybean importer in the world, contributing to nearly 60% of global soybean trade and 50% of US soybean exports overall. When asked if this ratio would rise this year, Sutter said they believe that China will continue to collaborate to source US soy and soybeans of other origins to meet its needs.
US exports to China experienced a significant rebound after the two countries signed a phase one trade agreement in 2020, returning to the growth pattern seen since China's WTO membership.
Data from the US government showed the value of US exports of corn, soybeans, and other agricultural products to China reached new highs in the last two years.
In the last three years, US exports to China have almost tripled, making China the country's biggest market once more for US agricultural goods.
Sutter said the phase one agreement was a crucial step in reviving US-China trade relations, including agriculture.
The US Soybean Export Council has been pleased with the volume of purchases of US soy made under the agreement, but Sutter said they would always like to be supplying more of sustainable US soy to meet China's needs.
- Global Times