US Soybean Export Council Optimistic about China-US Relationship
$SOYB, $USD, $CNY
The US Soybean industry is very optimistic about the future relationship with the Chinese soybean processing and utilization industries.
“We expect China’s economy to grow, consumers’ income to increase and urbanization to expand,” Paul Burke, North Asia regional director of US Soybean Export Council (USSEC), said.
Those trends, along with China’s goals to eliminate poverty, will lead to increased demand and consumption of animal protein and vegetable oil, resulting in increased imports of US Soybeans.
USSEC Chairman Jim Miller is in the delegation accompanying US President Donald Trump on his visit to China that started Wednesday.
The USSEC just signed a letter of intent about Soybean purchase deal with Chinese counterpart during the visit in Beijing.
Through participation in this trade mission, USSEC will highlight to both the Chinese and the USA governments the importance of the bilateral trade in Soybeans.
US Soybean exports to China generate $14.5-B in revenue for US Soybean producers. China also needs Soybeans to meet its growing consumer demand for meat and vegetable oil.
Soybean is a staple product China imports from the United States.
In 35 years US Soybean farmers invested over $150-M in projects that transferred technology and management expertise to modernize China’s Soy processing, feed manufacturing and livestock, poultry and aquaculture production.
US Soybean producers are proud that their strategy of “win-win” industry development has contributed to China, and they intend to continue to invest in the programs in the future to further its relations with the Chinese Soy processing and utilization industries.
US Soybean producers saw their 4th record exports to China in Y 2016, as China purchased and imported nearly 30% of the Soybeans produced in the United States.
China is the world’s largest Soybean importer.
According to statistics of China Customs, China imported 83.91-M tonnes of Soybean in Y2016, rising by 2.7% from Y 2015 and hitting a historical high. Some 38.2-M tonnes of the amount came from the United States, accounting for 40% of the total.