China and the US have many opportunities to expand agricultural cooperation as China can import 30 million tons of soybeans from the US in the 2025 market year.

According to China Daily on November 14, Janna Fritz, vice president of the US Soybean Export Council, said that China and the US have many opportunities to expand agricultural cooperation as China can import 30 million tons of soybeans from the US in the 2025 market year (from September 1, 2024 to August 31, 2025).

According to Ms. Fritz, China’s demand for soybeans will continue to drive the growth of global soybean trade. China’s total soybean imports, including those from the US, are expected to increase from 104.1 million tons in the 2025 market year to 138.3 million tons in the 2034 market year.

According to the forecast report of the US Department of Agriculture, by 2034, the world’s three largest soybean exporters, the US, Brazil and Argentina, are expected to account for 90% of global soybean trade. By then, US soybean exports are expected to reach 58.1 million tonnes.

Ms. Fritz said that cooperation between Chinese and US soybean enterprises not only promotes economic growth in both countries, but also contributes to global food security and sustainable agriculture.

According to the US Soybean Export Council, China remains the largest export destination for US soybeans, accounting for more than half of total US soybean exports. The US exported 24.96 million tonnes of soybeans to China in the 2024 market year.

Looking ahead to the next phase of US trade policy towards China, Ms. Fritz said the Council looks forward to working with the US government to promote positive trade with China and other global partners on behalf of the US soybean industry. She expressed hope that the newly elected leaders will usher in an era of global cooperation, trade and trust.

According to data from the General Administration of Customs of China, from January to October this year, China-US trade increased by 4.4% year-on-year to 4.01 trillion yuan ($556 billion), accounting for 11.1% of China’s total trade during the same period.

As the world’s largest importer of agricultural products, China is a major market for US agricultural exports and a buyer of US basic commodities such as soybeans, corn and cotton, said Wang Xuejun, an economics professor at Nanjing Agricultural University in Jiangsu Province.

Li Guoxiang, a researcher at the Institute of Rural Development at the Chinese Academy of Social Sciences, stressed that stable economic and trade relations between China and the US could benefit consumers and businesses in both countries. According to the researcher, agricultural imports could allow China to manage market fluctuations amid global climate change and geopolitical turmoil, keeping domestic food prices stable.

Source: https://bnews.vn/nhieu-co-hoi-de-trung-quoc-va-my-mo-rong-thuong-mai-nong-san/353481.html