New numbers out this week show that China is the new number one buyer of American agricultural goods.
Pork Business.com says the fiscal year 2017 numbers show that China bought $22 billion worth of agricultural products, which is a large jump from the $19.2 billion purchased the year before. That jump meant China moved into the number one customer spot. America’s NAFTA partners were number two and three on the list. Second-place Canada bought $20.4 billion worth of goods, a slight jump over the previous year. Number three Mexico bought six percent more goods in the fiscal year 2017, coming in at $18.6 billion. USDA says the total number of exports jumped $10 billion dollars, coming in at $140.5 billion, the third-highest on record. Farmers produced another record corn crop and the protein sector continues to expand, so it’s going to take expanded exports to chew through the extra product that’s available.
Ag Secretary Sonny Perdue says the ag sector posted an annual trade surplus of $21.3 billion, an amazing 30 percent rise over the previous year.