China pledges to buy 75 million tons of US soybeans over the next three years

China agreed to buy 12 million tonnes of US soybeans in the current season and 25 million tonnes a year over the next three years, under a deal reached after a meeting between President Trump and President Xi Jinping in South Korea.

Soybean plants ready to be harvested in a field in Ottumwa - Photo: REUTERS

According to Reuters, US Treasury Secretary Scott Bessent said on October 30 that China has agreed to buy 12 million tons of US soybeans in the current crop season (until January), a sharp decrease from 22.5 million tons last season due to the impact of the prolonged tariff war.

Beijing also pledged to buy 25 million tonnes a year over the next three years, as part of a trade deal reached after a meeting between President Trump and President Xi Jinping on the sidelines of the APEC Summit in South Korea.

The collapse in demand from China has cost US farmers – a key Trump supporter – billions of dollars. The new deal is seen as a step toward restoring trade with the US’s largest soybean importer, which has bought an average of nearly 29 million tonnes a year in the last five crop years.

“Our great soybean farmers will thrive in the years to come,” Mr. Bessent said on Fox Business Network’s Mornings with Maria .

In addition to China, Southeast Asian countries also agreed to buy an additional 19 million tons of soybeans from the US, although details such as the time frame or specific countries have not been disclosed.

In recent years, Asian countries outside China have typically imported 8-10 million tons of US soybeans each year, according to data from the US Census Bureau.

US soybean export prices rose sharply by $20-$30 per tonne this week, as exporters expected demand to recover after the meeting between the two leaders.

Ahead of the summit, three shipments, equivalent to about 180,000 tonnes, were sold to China's state-owned import group COFCO.

US agricultural associations welcomed the deal after a slump in US$24.5 billion worth of soybean exports last year, when US farmers harvested the fifth-largest crop on record but still saw their incomes dwindle due to low prices and high input costs.

Experts also warned that the new commitment only reflects a return to normal trade between the two countries, not an expansion of market share.

Ms. Even Rogers Pay, Director at Trivium China (Beijing), commented that the figure in the agreement "only reflects the stable trade level as in the past few years".

Many businesses are still waiting to see whether China will reduce its 20% import tariff on US soybeans, because if it does not, the incentive to buy will be limited, said Johnny Xiang, founder of AgRadar Consulting.

Once accounting for 41% of US soybean exports in 2016, China will only buy 20% by 2024, as the country has diversified its supply from South America after the trade war broke out.

XUAN THAO

Source: https://tuoitre.vn/trung-quoc-cam-ket-mua-75-trieu-tan-dau-nanh-my-trong-3-nam-toi-20251031110443694.htm