China, the world’s largest importer of cotton and soybeans, has topped Canada to become the No. 1 market for U.S. farm exports for the first time, the U.S. Department of Agriculture said Thursday.
U.S. exporters sold $20 billion in agricultural products to China during the fiscal year that ended on Sept. 30, according to a newly completed tally (all figures US$). It was the first time China was the top market for an entire fiscal year.
USDA has forecast sales to China and Canada of $19 billion apiece this fiscal year.
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Agriculture Secretary Tom Vilsack was scheduled to visit Vietnam and China next week with the goal of removing barriers to U.S. goods.
The world’s most populous nation and a dynamic economy, China shot to prominence as a U.S. farm export market in a few years. In 2004, it was the No. 5 buyer with $6 billion in purchases.
In the past year, China gained attention as a potentially large consumer of U.S. corn. It bought 900,000 tonnes of U.S. corn in mid-October and is believed to be the unidentified buyer of 1.25 million tonnes in March. China is the second-largest corn grower in the world behind the U.S., the largest exporter.
Overall, U.S. farm exports were a record $137.4 billion in fiscal 2011 and were forecast for $137 billion in fiscal 2012, which opened on Oct. 1. Leading customers, besides China and Canada, are Mexico, Japan, the European Union and South Korea.
