Agriculture Secretary Tom Vilsack issued the following statement on the reported sale of 2.74 million metric tons (mmt) of U.S. soybeans to China in the 2011-2012 marketing year:
“Today’s sale of 2.74 mmt of U.S. soybeans to China is the single largest daily soybean sale since USDA began issuing daily sales reports in 1977. This is another strong sign that China continues to look to the U.S. as a reliable supplier of high-quality products. This is great news not just for American soybean farmers, but for the U.S. economy overall.”
The U.S.-China trade relationship continues to flourish, thanks in large part to agriculture. 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. Each $1 billion in exports supports 8,000 jobs throughout the supply chain, including rural growers, processors, shippers and others.
"China will continue to be a key trading partner as agriculture contributes to President Obama's goal of doubling total U.S. exports over the next five years," says Vilsack.