A 67% surge! China "exploded" to buy 162.7 billion U.S. agricultural products. Why must it buy from the U.S.?

The latest data reveals the strong increase in the export volume of American agricultural products in the Chinese market. The agricultural products imported by China from the United States are mainly soybeans, corn, sorghum, pork and beef, among which pork imports have more than doubled.

Even U.S. Trade Representative Robert Lighthizer had to sigh that thanks to the strong purchasing power of Chinese buyers, otherwise the losses caused by the epidemic to American farmers and ranchers would probably be much greater than they are now.

According to the estimated data of the Food and Agricultural Policy Institute, affected by the epidemic and other factors, US agricultural income will drop by 12% in 2021. Data released by the US Department of Agriculture show that US agricultural debt may increase to a record high of 425 billion US dollars in 2020. It can be said that the purchase of US agricultural products by Chinese buyers has given US agriculture some time to "catch its breath".

It can be said that agricultural products exported to China are the key to the recovery of U.S. agriculture under the pressure of the epidemic. China's agricultural development has not been slow in recent years, but it still needs to import a large amount of agricultural products from other countries.

In 2020, the total amount of agricultural products imported by China from the United States exceeded 160 billion, which is 67% higher than in 2019 when there was no epidemic. This makes people wonder, why do we have to buy agricultural products from the United States?

So why does my country have to buy American agricultural products? There are three reasons.

It can be said that based on the advancement of the China-US trade agreement, China and the US will continue to cooperate in agricultural product trade in the future. In addition, according to data from the General Administration of Customs, the total value of China-US bilateral trade in goods reached 4.06 trillion yuan in 2020, an increase of 8.8% year-on-year, accounting for 12.6% of China's total imports and exports in the same period . Among them, China's exports to the United States were 3.13 trillion yuan, an increase of 8.4% year-on-year .

In the future, the continued advancement of the China-US trade agreement will continue to promote the development of trade between the two countries. Even if the United States changes its president, China-US trade will continue to be valued.

(Source: Maiwen)