US soybean exports fell sharply in 2018 due to trade war

With the farewell to 2018, the only key issue in the global economy is the trade war between the United States and China. Market research experts said there may be no signs of any mitigation in 2019. Both countries are involved in the trade war, as each country continues the dispute and to impose tariffs on goods traded between them. However, according to
China soybean import statistics, at the end of the year 2018, China imported soybeans from the United States for the first time since the Sino-US trade war. This is good news.

China imported US soybeans for the first time since the trade war

US soybeans re-entered the Chinese market after China imported them from the United States on December 12th, 2018. But it just accounted for a small portion of China soybeans import. Since the Trump administration began a trade war with China in July last year, American farmers have suffered severe losses.

Chinese state-owned enterprises have purchased at least 500,000 tons of US soybeans in December last year. This is the first major soybeans transaction since US President Donald Trump and Chinese President Xi Jinping met in early December. China is the largest buyer of US soybeans, but since US imposed high tariffs on Chinese goods on July 6th, China has purchased very little.

United States soybeans export to China January – October 2018

According to the trade statistics of China and the US, US soybean exports to China have fallen sharply in 2018 due to escalating trade tensions between the world’s two largest economies. According to the latest market intelligence data from January to October 2018, the total US soybean exports to China fell sharply to US$3.093 billion.

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