WASHINGTON--The latest trade numbers show strong U.S. Ag exports despite transportation challenges.
The trade data shows U.S. exports climbing with a significant increase in China exports. The Farm Bureau’s Senior Economist Veronica Nigh.
“We're in the second year of our two-year Phase One commitment with China, which committed China to purchase certain dollar values of U.S. agricultural products. So, thus far in 2021, January through August, we've exported nearly $18 billion of U.S. ag products,” said Nigh.
Economists say China is not far from the pace needed for Phase One commitments.
“We believe the cumulative exports to China needs to be about $20 billion, at this point, in January through August. So, that means they're only 12 percent behind where they need to be in order to reach the 2021 total value,” said Nigh.
The stats show that this year's Ag exports are strong despite transportation challenges in the United States.
“On the west coast, we have port congestion. In the Gulf, they're still recovering from Hurricane Ida. And so far, in 2021, the U.S. has exported over $115 billion in U.S. agricultural exports, of which almost 16 percent of that has been going to China. U.S. ag exports are up 28 percent compared to the same time period in 2020. Exports to China are up almost 120 percent,” said Nigh