China’s Import of U.S. Peanuts Up From $22 Million in 2015 to $100 Million This Year09/28/2017
China is finally buying U.S. peanuts on a seriously high level and farmers and farm groups here are doing their best to make sure it stays that way.
The USDA is predicting that China will buy about $100 million worth of peanuts this year and the country is well on its way to doing exactly that. The U.S. has already sold $29 million worth of the legumes from Texas, Georgia, Alabama, North Carolina, Virginia and other states to the Chinese in just the first seven months of 2017, according to USDA data.
Compare that to the total exports worth about $4 million just a few years ago and you can see why the industry is optimistic.
A wakeup-call about the potential for the Chinese market came last year. China ramped up imports over the summer months and the sales were meteoric. China bought about $172 million worth of U.S. peanuts last year, a roughly 700 percent increase from the $22 million it imported in 2015, according to USDA data.