US agricultural exports to China to hit record high in 2021: USDA

WASHINGTON - US agricultural exports to China are expected to hit a record $31.5 billion in fiscal year (FY) 2021 that ends on Sept 30, the US Department of Agriculture (USDA) said on Thursday.

The figure is $4.5 billion higher than the department's previous forecast in November, due to the strong first-quarter shipments and surging sales to China, the USDA said in its Outlook for US Agricultural Trade.

"October-December exports reached a historic high of $14.4 billion, largely a result of strong shipments of soybeans, corn, sorghum, wheat, cotton, and chicken paws. Outstanding sales of many of these products remain high, with corn sales at unprecedented levels," the USDA said.

China is forecast to remain as the largest US agricultural market in FY 2021, followed by Canada and Mexico, according to the USDA.

Overall US agriculture exports in FY 2021 are projected at $157 billion, up 5 billion from the November forecast, driven by higher oilseed and grain export forecasts, the USDA said.