China Signs Soybean Purchase Agreement
Vilsack says this is a positive sign that China looks to U.S. as a reliable supplier.
Compiled by staff
Published: Nov 23, 2010
China has been purchasing U.S. soybeans at a rapid pace for several months and it looks like it will continue. On Monday China signed agreements to purchase more than 5.5 million metric tons of U.S. soybeans. Following the latest sales, Agriculture Secretary Tom Vilsack said this is a strong sign that China continues to look to the United States as a reliable supplier of high-quality products. He added that the sales, worth nearly $3 billion at today's price, are great news not just for American soybean producers but for the U.S. economy overall.
"The U.S.-China trade relationship continues to flourish, thanks in large part to agriculture," Vilsack said. "U.S. farm exports to China have 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, therefore, that $15 billion supports nearly 120,000 U.S. jobs."
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.
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Tagged: soybeans, farm, soybean
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