South Korean media: After China refused to purchase, the US asked South Korea to increase soybean imports!
On October 19, the South Korean newspaper "Seoul Economic Daily" published an article stating that according to information, the United States has requested South Korea to expand its import of American soybeans. Given that China recently suspended all imports of American soybeans, the United States has designated South Korea as an alternative export market. It has been proposed that further opening of the agricultural product market may be discussed at the final negotiation table during this tariff negotiation.
Recently, South Korean Vice Prime Minister and Minister of Planning and Finance, Goo Won-jae, met with journalists at the International Monetary Fund (IMF) headquarters in Washington, D.C., when asked whether the U.S. government had requested an increase in the amount of soybean imports, he replied, "The negotiations are still ongoing, and it is difficult to confirm." He also stated, "There are various forms of discussions in the negotiations, which may vary depending on the situation. Due to the existence of the negotiating counterpart, it is currently difficult to make a 'this' or 'that' judgment, please understand."
Analysts believe that the U.S. request to increase soybean imports is closely related to China's decision in May to suspend imports of American soybeans. China is the world's largest soybean consumer, importing more than 100 million tons annually. China once accounted for about half of U.S. soybean exports, but since the Sino-U.S. trade friction, China has been diversifying its import sources, shifting to South American markets such as Brazil and Argentina.
Soybeans are mainly produced in the central United States, which is President Trump's "base." Additionally, there is an observation that during this U.S.-South Korea tariff negotiation, the U.S. may strongly demand further opening of the agricultural product market, including soybeans.
The issue is that South Korea is already importing a large amount of American soybeans. According to statistics from the Ministry of Agriculture, Food and Rural Affairs of South Korea, by the end of last year, South Korea had imported approximately 380,000 tons of American soybeans. South Korea's annual soybean imports amount to 1.09 million tons. This means that 35% of soybean imports come from the United States.
With the growth of domestic food industry demand in South Korea, the government has steadily expanded the import of soybean tariff quotas. Therefore, the U.S. Trade Representative's Office did not specifically mention soybeans in its annual "National Trade Barriers Report." However, this year, due to an increase in domestic soybean production in South Korea, the import volume has not expanded.
Original: www.toutiao.com/article/1846411434015751/
Statement: This article represents the views of the author.