Politico | Donald Trump’s gift to Joe Biden: record farm exports to China
- Sales and shipments to the Asian nation have surged since late last year, most notably for corn, the US Agriculture Department said
- Exports to China are expected to hit a record US$31.5 billion in Biden’s first year thanks to strong demand after a quick pandemic recovery
This story is published in a content partnership with POLITICO. It was originally reported by Doug Palmer on politico.com on February 18, 2021.
US farm exports to China are expected to hit a record US$31.5 billion during President Joe Biden’s first year in office, the US Agriculture Department said in its latest quarterly forecast.
That is US$4.5 billion higher than the department forecast in November. US farm sales and shipments to China have surged since late last year, most notably for corn, USDA said.
Big surplus projected: Overall exports to all countries in fiscal 2021 are expected to hit a record US$157 billion, up US$5 billion from the November forecast. The USDA raised its forecast of agricultural imports just slightly, to US$137.5 billion. That means the department is expecting an agricultural trade surplus of US$19.5 billion.
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Chinese shopping spree: The strong demand from China, which recovered from the Covid-19 pandemic faster than most other countries, helped bolster USDA’s forecast.
For the October-December period, exports to China “reached a historic high of US$14.4 billion, largely a result of strong shipments of soybeans, corn, sorghum, wheat, cotton and chicken paws,” USDA said. “Outstanding sales of many of these products remain high, with corn sales at unprecedented levels.”