China Continues To Purchase American Products
It was January 15th, 2020 when the U.S. and China signed the Phase One Trade agreement, which the Trump Administration said tore down major market barriers for American food and Ag exports. The long-term hope was China would committee to buying even larger amounts of U.S. products.
Phase One came to an end at the end of 2021, and sing then there has been no signed agreement between the two nations. But despite that, the value of Chinese purchases has continued to climb. USDA economist Bart Kenner said, for example, during the first eleven months of last year Chinese purchases totaled $33.7 billion, a 15% increase over the same time period in 2021. And he noted a variety of commodities have seen an uptick.
“Soybean exports to China 14.8 billion that's up 25% over last year sorghum was up 16% beef and veal up 38%.”
Kenner added U.S. exports of cotton to China are up by 137%.
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