U.S. soybeans represent more than half the total value of U.S. ag exports to China. The value of soybean exports to the country reached a record $9.2 billion last year. Growth in Chinese soybean imports remains an excellent possibility and the American Soybean Association testified Tuesday on the importance of the Chinese market to U.S. soybean growers at a hearing of the U.S. International Trade Commission.
Vice President of ASA Randy Mann states it's impossible to overstate the importance of China as a market for U.S. soybeans pointing out that one out of every four rows of soybeans grown in the U.S. is exported to China. Mann says ASA is pleased with Ag Secretary Tom Vilsack's recent announcement that China and the U.S. have agreed to address inspection, quarantine and quality and safety of U.S. soybean exports to China. He states U.S. soybean farmers are most appreciative of China's expanding import market for soybeans and are pleased there haven't been recent disruptions in the soybean trade between the two countries.
Mann explains like any trading relationship issues arise from time to time that need to be addressed. One issue he describes is China's requirement of a phytosanitary certificate for all imports of soybean oil. Mann says USDA officials have been working closely with Chinese officials to identify an alternative approach that would be acceptable to both countries.
Visit www.SoyGrowers.com for ASA's full testimony.
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