Higher commodity prices have also contributed to growth in U.S. Like demand for soybeans, robust demand from pork and poultry sectors propelled higher volumes of feed grain imports. feedstuffs including sorghum and alfalfa hay. China is also a major buyer of other U.S. China has boosted its corn supplies with imports mostly from the United States. Corn, Sorghum, and Alfalfa HayĬhina is the world’s largest consumer of feed grains and supports this robust level through both domestic and imported supplies. The country’s livestock industries are supported by the world’s largest population, second-largest economy, and a rising middle class, all driving greater demand for meat.
China is the largest processor of soybeans to feed its domestic livestock industries. Average unit values climbed 24 percent this year to $622/ton, driven by a severe drought in South America, war in Ukraine, and a palm oil export ban in Indonesia. Greater export value is attributable to higher prices. China is the world’s largest soybean importer, accounting for nearly 60 percent of global trade and half of U.S. agricultural exports to China at a record $16.4 billion, surpassing the previous year’s record by more than $2.2 billion. Soybeans accounted for nearly one-half of U.S.
FY 2022 Commodity Exports to China Soybeans The following report highlights key agricultural products that drove record FY 2022 exports to China. All these products are major contributors to the U.S.
Cotton exports to China have also rebounded, propelled by strong demand. exports have returned to trend growth experienced since the People’s Republic of China’s (PRC) accession to the World Trade Organization (WTO) and in the last 2 years the United States has witnessed record export values to China for soybeans, corn, beef, chicken meat, tree nuts, and sorghum. exports to China and the conclusion of the Phase One Agreement. Robust shipments follow a precipitous drop in U.S. Significantly higher agricultural prices and resilient demand helped drive exports above the previous year’s record despite lower volumes for most products. agricultural exports to China in fiscal year (FY) 2022 were $36.4 billion and surpassed the previous year’s record with China as the largest export market for the second consecutive year.
#BIGGEST EXPORT FROM US TO CHINA FULL#
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