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Serving: United States

Report details progress of Phase One Agreement

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USDA, USTR say China has purchased 71% of its target under agreement signed earlier this year.

A report highlighting the progress made in implementing the agricultural provisions in the U.S.-China Phase One Economic and Trade Agreement was released late last week.

The report finds that the U.S. and China have addressed a multitude of structural barriers since the deal went into effect. To date, China has implemented at least 50 of the 57 technical commitments under the Phase One Agreement. China also has ramped up its purchases of U.S. agricultural products. To date, China has purchased more than $23 billion in agricultural products, approximately 71% of its target under the Phase One Agreement. Highlights outlined in the report include:

  • Corn: Outstanding sales of U.S. corn to China are 8.7 million tons.
  • Soybeans: Outstanding sales to China are double 2017 levels.
  • Sorghum: U.S. exports of sorghum to China from January to August 2020 totaled $617 million, up from $561 million for the same period in 2017.
  • Pork: U.S. pork exports to China hit an all-time record in the first five months of 2020.
  • Beef: U.S. beef and beef products exports to China through August 2020 are already more than triple the total for 2017.

In addition to these products, USDA expects 2020 sales to China to hit record or near-record levels for numerous other U.S. agricultural products including pet food, alfalfa hay, pecans, peanuts, and prepared foods.

“This agreement finally levels the playing field for U.S. agriculture and is a bonanza for America’s farmers, ranchers, and producers,” said Agriculture Secretary Sonny Perdue. “Being able to participate in this market in a more fair and equitable way has generated more sales that are supporting higher prices and strengthening the rural economy.”

“Since the agreement entered into force eight months ago, we have seen remarkable improvements in our agricultural trade relationship with China, which will benefit our farmers and ranchers for years to come,” said U.S. Trade Representative Robert Lighthizer.

USTR and USDA continue to work closely with the Chinese government to ensure that the Phase One Agreement is fully and properly implemented, so that access for U.S. food and agricultural products into the Chinese market can continue to expand moving forward.

Source: USDA, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset. 
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