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China market update
Story Date: 3/1/2021
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Source: Danny Ding, NCDA&CS, 2/27/21
The USDA predicts that in 2021 American farmers will plant 92 million acres of corn and 90 million acres of soybeans. This is the largest amount planted for either of the two crops in history, which reflects the promising expectations for global trade and for China's continued strong growth.
The USDA stated on February 17, 2021 that China's joining to the Regional Comprehensive Economic Partnership (RCEP) at the end of 2020 will not have a significant impact on U.S. soybean and corn exports to China in the future. The U.S. exports 9.1 USD billion of agricultural products each year and China usually accounts for 60% of it.
The USDA predicts that U.S. sales to China will increase to a record 31 billion USD in the 2021 fiscal year. China's economic growth will be significantly faster than global economic growth in 2021, especially in the first half of the year. It is expected China's growth rate will reach double digits.
As of 11:00 p.m. on February 9, 2021, a total of 40.52 million doses of vaccination were reported nationwide in China.
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