DowDuPont Q1 agriculture results weak in U.S., strong in Asia Pacific

Source: Xinhua| 2019-05-03 01:30:38|Editor: Mu Xuequan
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CHICAGO, May 2 (Xinhua) -- Global chemical giant DowDuPont reported on Thursday its agricultural sales declined in the first quarter for the U.S. market but showed generally strong performance in Asia Pacific and other overseas regions.

Net sales of DowDuPont's agriculture division were at 3.4 billion U.S. dollars, down 11 percent from the year-ago period.

In the United States, the effects of flooding in the western corn belt, as well as cold and wet weather throughout the rest of the country, delayed seed shipments into the second quarter and decreased sales of early season crop protection products, said the Midland, Michigan-headquartered company.

According to the Q1 report, its U.S. volume declined 23 percent and price was about flat compared to the year-ago period.

In contrast, overseas volume and price growth were generally strong. Volume increased 7 percent in both Asia Pacific and EMEA (Europe, the Middle East and Africa), and 1 percent in Latin America. Only Canada saw a 2-percent decline in volume.

The agriculture division of DowDuPont, Corteva Agriscience, is expected to become an independent company on June 1, 2019.

Corteva Agriscience has reaffirmed its commitment to working on sustainable agriculture development goals in China at this year's China Development Forum in Beijing.

Speaking at the March forum, Corteva CEO James Collins highlighted the company's vision for the future of agriculture in China and across the globe, as well as his advocacy for win-win collaboration over the entire food production value chain and beyond.

Collins expressed the company's intention to extend its footprint in China and to bring value in shaping a new agriculture sector, which he said will benefit farmers and enable the rural economy with sustained growth.