China Returns as America’s Top Buyer of Commodities

WASHINGTON, DC – In 2020, U.S. agricultural exports to China totaled $26.4 billion, a $12.6 billion increase from 2019 and representing the largest market for American farmers and ranchers. According to the Foreign Agriculture Service at USDA, Brazil (22 percent market share) and the United States (15 percent) were the top suppliers of agricultural goods to China, followed by the European Union (14 percent). In 2020, China established a process for importers to seek exclusions for retaliatory Section 301 tariffs on U.S. products, including agricultural products. China also removed certain structural barriers to trade, expanding market access for a variety of U.S. agricultural exports in the world’s largest food import market. Exports of all top 10 commodity groups increased in 2020, with the largest increases for soybeans ($6.2 billion), corn ($1.2 billion), and cotton ($1.1 billion). In addition, U.S. exports of pork & pork products, coarse grains (excluding corn), and poultry meat & products (excluding eggs) were up significantly as well. While exports for most commodity groups were up, a few including processed vegetables, hides & skins, and wine & beer were lower.
(SOURCE: All Ag News)