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USA : China largest market for US biotech crops
May 17, 2006 |  |
Despite lack of transparency in regulatory development and unprecedented testing requirements on imports, US biotech soybeans and US and domestic biotech cotton are selling at near record volumes.
China is currently the largest market for US agricultural biotechnology products and is the fifth largest producer of biotechnologically enhanced plants, based on acreage.
A strong biotech research program and recent ratification of the Biosafety Protocol suggest biotechnology will be an integral part of China’s agricultural development for the foreseeable future.
China is the largest market for US biotechnology crops. Despite problems in transparency in the development of and application of regulations, US biotech soybeans and other products are selling at record highs and are forecasted to continue doing well in the future.
Details about the future of agricultural biotechnology policy in the People’s Republic of China are still in doubt, but biotechnology will play an integral part of China’s agricultural development.
China is currently the largest market for US agricultural biotechnology products (predominantly imported soy beans) and is a large producer of biotech cotton, being the fifth largest producer of biotechnologically enhanced plants based on total acreage (3.7 million hectares in 2004).
China has a strong biotech research program, spending about $44 million USD (363 million RMB) in 2003, a threefold increase over1998 expenditures.
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