The value of U.S. agricultural products forecast to be imported by China this fiscal year was $21.2 billion, up $700 million from the August projection but down $2.159 billion, or 9%, from a record $23.359 billion in fiscal year 2012 and compared with $19.875 billion in fiscal 2011 and $15 billion in fiscal 2010. China overtook Canada as the largest importer of U.S. agricultural products in fiscal year 2011.
The forecast value for China’s fiscal 2013 imports of U.S. agricultural products was raised from the August outlook on China’s strong demand for soybeans coupled with high U.S. prices. At the same time, the USDA observed, “Though the forecast is raised from the initial fiscal 2013 forecast issued in August, exports are expected down from the fiscal 2012 record of $23.4 billion. Meat, dairy products, tree nuts, and soybean exports (to China) are expected to be strong in fiscal 2013, but corn and cotton shipments should fall from the records set last year.”