USDA Expects China To Remain Top Export Destination
Despite not living up to their Phase One trade agreement, China is still the top export market for U.S. agricultural products.
"We're glad to see that exports have bounced back, if you will, in that market. 2021 saw three times the level of exports than in 2018 when we had the trade dispute," said Agriculture Secretary Tom Vilsack at the recent USDA Agricultural Outlook Forum. "We believe we can sell more and we believe there's a demand that continues to grow in that country."
Vilsack poke with China expert and Commerce Dept. Senior Advisor, Elizabeth Economy.
"China has such a small percentage of arable land, it has very constrained water resources. It's never going to be agriculturally self-sufficient." With that being said, Economy noted. "...as China's middle class grows and as it's income grows, demand for agricultural products and services are also only going to grow. And that's going to lead to greater dependence and reliance on external markets. And, I hope, certainly greater opportunities for U.S. farmers."
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