At the 7th China International Import Expo (CIIE), held from November 5 to 10, 2024, US farmers secured significant agricultural deals worth $711 million, reflecting a 41% increase from the previous year. This surge in orders underscores the potential and complementarity of trade cooperation between China and the United States. The American Food and Agriculture Pavilion, co-hosted by the USDA and the American Chamber of Commerce in Shanghai (AmCham Shanghai), played a crucial role in facilitating these agreements. Eric Zheng, president of AmCham Shanghai, emphasized the success of small and medium-sized American companies in this context, showcasing the importance of agricultural exports in the broader trade relationship.
In a parallel initiative, the 'Peace Beans' project, initiated by Zhejiang University and the George H.W. Bush Foundation for US-China Relations, aims to enhance agricultural trade by promoting bidirectional trade of soybeans and coffee beans. This initiative seeks to send letters to US President-elect Donald Trump and Chinese President Xi Jinping to advocate for supply diplomacy. John Kent from the Bush Foundation highlights the potential benefits of reduced inflation and cost savings through balanced supply chains. The working group, formed in 2022, has consulted over 50 individuals and is currently facilitating test shipments of soybeans from Arkansas to Yunnan and coffee beans from Yunnan to Arkansas.
China continues to be a major consumer of agricultural products, with a rising demand for high-quality goods. Projections indicate that US soybean exports could reach 58.1 million tons by the 2033/34 period, while China's imports are expected to grow significantly from 104.1 million tons to 138.3 million tons. Despite the backdrop of a trade war, agricultural trade has historically served as a stabilizing factor in China-US relations, highlighting the need for both nations to collaborate in addressing challenges and promoting mutual benefits in trade.
However, agricultural trade between the US and China fell 9.3% to $29.35 billion in the first nine months of 2024, amid ongoing tariff discussions. Experts emphasize the need for continuous cooperative dialogue to address mismatches in supply and demand in the agricultural market. The CIIE itself attracted 3,500 exhibitors from over 150 countries and facilitated a total of $80 billion in deals this year. Premier Li Qiang's remarks at the expo reiterated China's commitment to expanding market access and enhancing international trade relations, which aligns with the interests of US farmers and other global stakeholders. This year’s expo showcased produce from key agricultural states such as California, Idaho, and Georgia, further solidifying the role of the CIIE as a key platform for international trade. [b7250685] [523dd68e] [ec160ff1] [44743a14] [fa267d7f] [ffd04b37] [526f86e1] [ab1e69db]