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USDA REPORTS RECORD AG EXPORTS TO CHINA IN 2022
Jan. 16, 2023
By Keith Good, University of Illinois' FarmDoc program
In a report this month from USDA's Foreign Agricultural Service (FAS), "Record U.S. FY 2022 Agricultural Exports to China," Graham Soley indicated that, "U.S. 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. Significantly higher agricultural prices and resilient demand helped drive exports above the previous year's record despite lower volumes for most products.
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| “Record U.S. FY 2022 Agricultural Exports to China,” by Graham Soley. International Agricultural Trade Report. USDA- Foreign Agricultural Service (January 6, 2023). |
"Robust shipments follow a precipitous drop in U.S. exports to China and the conclusion of the Phase One Agreement. U.S. 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. Cotton exports to China have also rebounded, propelled by strong demand. All these products are major contributors to the U.S. farm economy."
FAS stated that, "Soybeans accounted for nearly one-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. China is the world's largest soybean importer, accounting for nearly 60 percent of global trade and half of U.S. soybean export value.
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| “Record U.S. FY 2022 Agricultural Exports to China,” by Graham Soley. International Agricultural Trade Report. USDA- Foreign Agricultural Service (January 6, 2023). |
"Greater export value is attributable to higher prices. 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. China is the largest processor of soybeans to feed its domestic livestock industries. 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."
The report also noted that, "China has boosted its corn supplies with imports mostly from the United States. China is also a major buyer of other U.S. feedstuffs including sorghum and alfalfa hay.
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