#2 Yes, Grom, they do.
From the USDA:
In 2022, the total value of all U.S. agricultural and related products exported to the People’s Republic of China (PRC) reached a record $40.9 billion, an increase of 14.5 percent compared to the previous year. The PRC was again the largest market for U.S. agricultural and related exports. The export values reached in 2022 come after significant effort to rebuild the market for U.S. agriculture since 2018 when exports were $13.2 billion. Products in the “bulk” category like soybeans and corn dominate the percentage share of U.S. ag. exports though “consumer-oriented” products like beef, pork, poultry, dairy, and tree nuts play an increasingly important role. Top 5 U.S. export categories to the PRC in 2022 included soybeans ($17.9 billion), corn ($5.3 billion), cotton ($2.9 billion), beef and beef products ($2.2 billion), and coarse grains ($1.8 billion). In 2022, the U.S. imported $9.5 billion in agricultural and related products from the PRC, a 9.5 percent increase from 2021.
But China’s economy appears to be hitting a number of bubbles, so they may not be able to afford the luxury for much longer… |