Soybeans are harvested in Heilongjiang province. (LU WENXIANG / XINHUA)

WASHINGTON - US agricultural exports to China are expected to reach roughly US$14 billion for the fiscal year 2020, which ends Sept 30, the US Department of Agriculture (USDA) said on Thursday.

It's up US$3 billion from the USDA's previous forecast in November, partly based on higher projected volumes for soybeans, according to the USDA's latest outlook report for US agricultural trade.

The virus outbreak could cause "a brief interruption" to China's business activities but "not see significant impacts beyond the first quarter of 2020"

Total US agricultural exports are forecast to reach 139.5 billion dollars for the fiscal year 2020, US$500 million higher than the November projection, led by increased exports to China, the report said.

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The report also noted that the current outlook for exports to China is tempered by significant uncertainties surrounding the COVID-19 outbreak, which could cause "a brief interruption" to China's business activities but "not see significant impacts beyond the first quarter of 2020".

"Our assumption is that the outbreak is going to pass and their growth will respond in the second, third and fourth quarters," said USDA chief economist Robert Johansson.

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In a report released Wednesday, China's central bank said that the epidemic has had some impact on the Chinese economy, but the shock will be short-lived and will not change the country's sound economic fundamentals.

USDA Secretary Sonny Perdue told reporters on Thursday that he expected US agriculture exports to China to start ramping up this spring after the coronavirus outbreak abates.