exchange

China Set to Import $100 Million Worth of U.S. Peanuts

Dan Exports/Imports, Industry News Release, Peanuts

peanutsChina is buying U.S.-produced peanuts on a very high level. The USDA says that will continue.

An Agri-Pulse report says China will purchase $100 million dollars of American peanuts. Sales data so far in 2017 says it very well could happen.

The U.S. has already sold $29 million dollars’ worth of peanuts from Texas, Georgia, Alabama, North Carolina, Virginia, as well as other states in just the first seven months of this year. The peanut industry is taking notice of the potential for China as a large market for its products.

Total peanut exports were worth $4 million dollars just a few years ago, which means peanut farmers are very optimistic about the future of China as an export market. The jump in peanut exports to China actually began just last year. China ramped up its imports during the summer of 2016, with the total imports last year at $172 million. That’s a roughly 700 percent increase from the $22 million China imported as recently as 2015.

From the National Association of Farm Broadcasting News Service.