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Balanced Reporting. Trusted Insights.
Sunday, September 24, 2023
Farm groups have grown accustomed over the last few years to having more money to work with for promoting their products overseas, but that abundance could come to an end quickly.
There were fears that even though U.S. ag exports to China were rising after the countries agreed to a trade war détente during the Trump administration, the U.S. might never recover its pre-trade war share of China’s imports.
The 2022-23 soybean marketing year starts officially on Thursday, and signs indicate exports will get off to a strong start. USDA data shows China is buying heavily, but marketing and education efforts by U.S. farm groups are paying off as demand is also growing in places like Egypt.
The fact that Chinese importers purchased between two and three cargoes of U.S. soybeans on Monday has helped quell concerns that the two countries might be rekindling their trade war, but the uncertainty of the situation continues to plague buyers and sellers.
U.S. soybean exports have been steadfastly weathering the severe impacts of COVID-19 around the world, but the pandemic is impacting foreign customers in waves and new threats continue to manifest as nations around the world work to keep their people fed.
China is still battling to contain coronavirus infections, but the U.S. ag sector is taking heart in signs that industry there is coming back to life in time for trade to resume under the “phase one” trade deal.
The U.S.-China trade war that forced U.S. exporters to diversify market priorities has played a role in the colossal rise of trade with Egypt, but only on the surface.
