As the trade war rages with China the real impacts to U.S. soybean farmers are starting to be felt. University of Arkansas agriculture economist Scott Stiles created a chart mapping how many bushels of soybeans were sold in China in 2017 as compared to 2018 when the trade war started.
The results stunned him. The U.S. sold 759 million bushels in 2017, but only 21 million bushels in 2018. There are also signs that U.S. cotton sales to China have slowed as well.
“That’s the stunner,” Stiles said. “China has been our number one export market for soybeans since 2002.”
The Chinese government imposed billions of dollars in tariffs on U.S. products and goods after President Donald Trump imposed billions in tariffs on steel and aluminum during the first half of 2018. It was reported that China didn’t buy any soybeans from the U.S. in November and that China has been buying its soybeans from Brazil. Soybeans are Arkansas’ top crop with 3.25 million acres harvested in the state during the last growing season, according to the United States Agriculture Department.
Read more: https://talkbusiness.net/2019/01/dramatic-drop-in-number-of-soybeans-exported-to-china/