U.S. Soy Industry Positive About Chinese Processing SectorUSAgNet - November 14, 2017
The United States soybean industry is very optimistic about the future relationship with the Chinese soybean processing and utilization industries. This was stated by a business official in an interview with Xinhua.
"We expect China's economy to grow, consumers' income to increase and urbanisation to expand," said Paul Burke, North Asia regional director of the United States Soybean Export Council.
Jim Miller, chairman, USSEC, was a member of the delegation accompanying President Donald Trump on his visit to China.
Burke disclosed that the Council has just inked a letter of intent about a deal to purchase soybean with its Chinese counterpart during the visit in Beijing.
"Through participation in this trade mission, USSEC will highlight to both the Chinese and American governments the importance of bilateral trade in soybean," he said.
Burke pointed out that U.S. soybean exports to China generated $14.5 billion in revenue for the country's soybean producers. China also needs soybeans to meet its growing consumer demand for meat and vegetable oil.
Soybean is a staple product China imports from the United States. In the past 35 years, U.S. soybean farmers invested over $150 million in projects that transferred technology and management expertise to modernize China's soy processing, feed manufacturing and livestock, poultry and aquaculture production.