Ag Exports to China
I’m Bob Larson. After bottoming out in 2019 because of the trade war, American exports to China hit an all-time high last year of $149.2 billion.
Craig Allen, president of the U.S.-China Business Council, says AG was the top exports category to China last year …
ALLEN … “Oilseeds and grain exports saw growth of $4.8 billion as farmers sent $21.9 billion worth of crops to China. As noted, oilseeds and grains are, in 2021, the largest export category that we had, followed by semiconductors and oil and gas.”
Allen says the U.S. ag and energy sectors led the way boosting exports to China across the board last year …
ALLEN … “Goods exported to China were up last year and way up from 2019, when companies felt the full weight of tariffs and retaliatory tariffs, so, especially strong for agriculture and energy sales despite the retaliatory tariffs.”
He says any future growth of U.S. exports to China depends on a lot of factors, many outside of our control …
ALLEN … “Whether the phase one deal continues to deliver benefits for U.S. exporters and whether further negotiations occur to build out the Phase One agreement and, perhaps, a phase two agreement.”
Also, Allen says, whether the U.S. section 301 tariffs remain in effect, and whether or not additional U.S. tariffs are imposed.
