China's intents to purchase U.S. soybeans

by Editor
Monday, November 29, 2010

U.S. Agriculture Secretary Tom Vilsack comments China's signing of agreements with industry to purchase more than 5.5 million metric tons of U.S. soybeans.

The signing of contracts committing China to purchase more than 5.5 million metric tons of U.S. soybeans was a strong sign that China continues to look to the United States as a reliable supplier of high-quality products. These sales, worth nearly $3 billion, were great news not just for American soybean producers but for the U.S. economy overall, stated Vilsack

The U.S.-China trade relationship continued to flourish, thanks in large part to agriculture. U.S. farm exports to China had grown nearly tenfold over the past decade, from $1.5 billion in fiscal year 2000 to $15 billion in 2010. With each $1 billion in exports supporting 8,000 jobs, that $15 billion supports nearly 120,000 U.S. jobs, Vilsack pointed out.

Last year, China became the second largest export market for U.S. agriculture overall and remained the largest market for U.S. soybeans, with 2010 sales of $9 billion.

China is considered as a key trading partner as agriculture for U.S. since President Obama's intents to double total U.S. exports over the next 5 years.