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Illinois Ag Director: Lack of soybean sales to China raises major economic concerns

The director of the Illinois Department of Agriculture (IDOA) says the lack of U.S. soybean sales to China is a major concern.

Jerry Costello says farmers in his state rely on a solid relationship with the world’s largest soybean buyer.

“In 2023, the total exports from the state of Illinois’ agriculture were $13.7 billion.”  He says, “$957 million of that was to China in soybeans.”

He says history seems to be repeating.

“The last time these tariffs were put on in 2017, pre-tariff, we exported $1.3 billion of soybeans to China.”  He says, “When the tariffs were put on the next year, we exported $116 million to China, a loss of about $1.2 billion.”

Costello tells Brownfield the state can’t circumvent federal tariffs, but it can work to build relationships with export partners.

“Trying to make sure that we’re retaining relationships and also recruiting new buyers, letting these folks know the state of Illinois wants to do business with them,” he says.

Costello says IDOA is welcoming trade delegations from China, Vietnam, Egypt, and other countries this week as part of its bi-annual Illinois Grain Tour with the hopes of securing further trade commitments.

“Our grain tours last year did about $159 million worth of business just from those tours, which was up $30 million from the year prior,” he says.

AUDIO: Jerry Costello – Director of IDOA