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US soybean sector positive about future with Chinese processing sector
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Saturday, 11 November, 2017, 08 : 00 AM [IST]
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Chicago
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The United States soybean industry is very optimistic about the future relationship with the Chinese soybean processing and utilisation industries. This was stated by a business official in an e-mail interview with Xinhua.
“We expect China’s economy to grow, consumers’ income to increase and urbanisation to expand,” said Paul Burke, North Asia regional director, United States Soybean Export Council (USSEC), said.
“Those trends, along with China’s goals to eliminate poverty, will lead to increased demand and consumption of animal protein and vegetable oil, resulting in increased imports of soybeans in the United States,” he added.
Jim Miller, chairman, USSEC, was a member of the delegation accompanying US president Donald Trump on his visit to China, which commenced recently.
Burke disclosed that the Council has just inked a letter of intent about a deal to purchase soybean with its Chinese counterpart during the visit in Beijing.
“Through participation in this trade mission, USSEC will highlight to both the Chinese and American governments the importance of bilateral trade in soybean,” he said.
Burke pointed out that US soybean exports to China generated $14.5 billion in revenue for the country’s soybean producers. China also needs soybeans to meet its growing consumer demand for meat and vegetable oil.
Soybean is a staple product China imports from the United States. Burke said, “In those 35 years, US soybean farmers invested over $150 million in projects that transferred technology and management expertise to modernise China’s soy processing, feed manufacturing and livestock, poultry and aquaculture production.”
“US soybean producers are proud that their strategy of win-win industry development has contributed to China,” Burke said, adding that they intended to continue to invest in the programmes in the future to further the country’s relations with the Chinese soy processing and utilisation industries.
Burke told Xinhua that US soybean producers had their fourth record exports to China in 2016, as China imported nearly 30 per cent of the soybeans produced in the United States.
China is the world’s largest soybean importer. According to statistics of China Customs, China imported 83.91 million ton of soybean in 2016, rising by 2.7 per cent from 2015 and hitting a historical high. About 38.2 million ton of the amount came from the United States, accounting for 40 per cent of the total.
Source: Xinhua
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