U.S. Ag Exports to China Set Record in 2020
U.S. agricultural exports to China, by value before adjusting for inflation, reached a new record in 2020.
According to data from the U.S. Department of Agriculture, $26.4 billion worth of ag goods were shipped to China last year.
Soybeans composed 54% of the value of the trade, a fact highlighted by the American Soybean Association.
The previous record for ag exports to China was in 2012 with a value of $25.9 billion.
The Phase One deal with China includes several extra ag-related products in the commitments, bringing the total of the U.S. exports to China to $27.2 billion in 2020.
This is $6.3 billion above the 2017 Phase One baseline and $100 million above the 2012 level.
However, China’s reported 2020 imports of Phase One products are down about $500 million from 2017 levels.
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