President Donald Trump and Japanese Prime Minister Shinzo Abe today signed a bilateral trade agreement. South Dakota Pork Producer’s Council President Ferlyn Hofer says that deal gives U.S. pork producers equal access to the Japanese market.
Iowa State University Economist Dermot Hayes estimates exports to Japan could grow from $1.6 billion in 2018 to more than $2.2 billion over the next fifteen years under market access terms included in the agreement. Hofer says exports are critical to pork producers in South Dakota and across the country and there’s been positive movement on those lately.
Other priorities for the U.S .pork industry includes ratification of the USMCA trade agreement and resolving trade disputes with China.
The U.S. Grains Council also lauded the signing of the U.S. Japan Trade Pact. They say Japan is one of the largest and most loyal of U.S. corn customers, having bought more than $2 billion of U.S. corn in the most recent marketing year. Japan is also an important market for food and feed barley and sorghum.
