US Ag Exports to China Hit Another Record High in 2022
U.S. agricultural exports to China hit record highs during FY 2022, surpassing the previous year’s record with more than $36.4 billion worth of shipments, USDA’s Foreign Agricultural Service said Jan. 6. USDA said higher prices for agricultural goods and “resilient demand” helped increase exports “despite lower volumes for most products.”
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The record numbers also follow a “precipitous drop in U.S. exports to China” and the end of the U.S.-China phase one trade deal negotiated by the Trump administration. U.S. exports have “returned to trend growth experienced since” China’s accession to the World Trade Organization, USDA said, and in the past two years the U.S. has seen “record export values to China for soybeans, corn, beef, chicken meat, tree nuts, and sorghum.” The agency again forecasts China as the “largest U.S. export market in FY 2023 for the third consecutive year at $34.0 billion.”