China will likely import 30 million tonnes of soybeans from the United States in MY 2025 – from September 1, 2024 to August 31, 2025 – and the two countries have many opportunities to expand agricultural cooperation, said a senior official of the American Soybean Export Council.

Janna Fritz, vice president of the council, said China’s demand for soybeans will continually drive the growth of global soybean trade. China’s total soybean imports, including those from the United States, are expected to increase from 104.1 million tonnes in MY 2025 per year to 138.3 million tonnes in MY 2034. , she said.

According to projection reports from the U.S. Department of Agriculture, the world’s top three soy exporters – the United States, Brazil and Argentina – are expected to account for 90 percent of global soy trade by 2034. Exports US soybeans are expected to reach 58.1 million tonnes worldwide. at that time.

Fritz said that cooperation between Chinese and American soybean companies not only promotes the economic growth of the two countries, but also contributes to global food security and sustainable agriculture.

“We believe that the economies of the two countries are interconnected and that there is significant potential for agricultural collaboration,” she said.

China remains the top destination for U.S. soybean exports, accounting for more than half of total U.S. exports in this category. The United States shipped 24.96 million tons of soybeans to China during its 2024 marketing year, according to the US Soybean Export Council.

Anticipating U.S. trade policy toward China in the next phase, Fritz said that regardless of which administration is in place, the council looks forward to working with it to advance positive trade with China and to other global partners on behalf of the U.S. soy industry.

“We hope that the newly elected leaders will usher in an era of global collaboration, trade and trust,” she added.

China-US trade grew 4.4 percent year-on-year to 4.01 trillion yuan ($556 billion) between January and October this year, accounting for 11.1 percent of China’s total trade during this period, according to data from the General Administration of Customs.

Wang Xuejun, professor of economics at Nanjing Agricultural University in Jiangsu province, said: “As the world’s largest importer of agricultural products, China is a primary market for U.S. agricultural exports and a major buyer of American products, notably soybeans, corn and cotton. “

Li Guoxiang, a researcher at the Institute of Rural Development of the Chinese Academy of Social Sciences, stressed that stable economic and trade relations between China and the United States could benefit consumers and businesses in both countries.

Importing agricultural products could enable China to manage market volatility and maintain stable domestic food prices amid global climate change and geopolitical fluctuations, Li said.

Liu Chang, vice president of Cargill Investments (China), a domestic arm of US agricultural conglomerate Cargill Inc, said that under China’s push for high-quality growth, innovation and productivity progress within industrial and supply chains have become key factors. in promoting the transformation of the agricultural sector.

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