Huffington Post -American farm exports are expected to plunge $1.9 billion in fiscal 2019, compared to the previous year, largely due to President Donald Trump’s trade war with China, according to the U.S. Department of Agriculture.
Soybean exports have been hit particularly hard, the agency’s chief economist, Robert Johansson, told the USDA Outlook Forum in Washington Reuters reported. Because of the trade dispute, soybean exports to China will have “plummeted by 22 million [metric] tons, or over 90 percent” through this month, Johansson said.
China has dropped to the fifth largest market for American farm exports, Johansson noted. It was the top foreign purchaser in 2017. China is buying only about 6 percent of total U.S. exports, compared with nearly 18 percent in 2014.
No comments:
Post a Comment