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Exports of soybeans to China from the United States have decreased by 23%, while the deficit in agricultural trade has reached 15 billion dollars.
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Exports of soybeans to China from the United States have decreased by 23%, while the deficit in agricultural trade has reached 15 billion dollars.

The USA has faced problems in agricultural exports due to a decrease in soybean sales to China. The trade deficit has increased to $15 billion due to a 5% drop in exports. A 23% decrease in soybean shipments to China calls for a revision of export strategy to enhance competitiveness.

13 July 2024 13 July 2024

The United States is facing serious problems in the agricultural trade sector due to a sudden drop in soybean sales to China.

The situation in the US agricultural market is becoming increasingly challenging, indicating a growing trade deficit caused by a significant decrease in soybean exports.

James Kaufman, an economist at the US Department of Agriculture, noted that in May of this year, agricultural exports decreased to $13.7 billion, nearly 2% less than the previous year. This has led to a 5% decrease in total exports compared to the previous fiscal year.

Against the backdrop of a strong US economy and a rising dollar, agricultural imports have increased by 4%, sharply contrasting with the decline in export earnings. This year, the trade deficit in agricultural products amounts to $15 billion, with key items decreasing by 18%.

The decrease in soybean exports is of particular concern: shipments to China have dropped by 23% - from 30.5 million tons to 23.4 million tons per year. This is due to Brazil's advantages in pricing policies and supply, resulting in China importing most of its soybeans from Brazil rather than the US. Overall, soybean exports from the US for the season have decreased by 19%.

This significant shift in trade activity calls for a review of US agricultural product export strategies, taking into account competitiveness and the ability to adapt to market demands in order to mitigate the growing trade deficit and its consequences for American farmers.

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