Halfway Through The Year, How Is China Doing On Its Trade Commitments?
China has missed the mark across the board.
China has missed the mark across the board.
China Imports and Exports by Product Type
Charts courtesy of the PIIE US-China phase one tracker: China’s purchases of US goods
Totals
- Agricultural Imports: $8.7 Billion out of $36.6 Billion - 23.8%
- Manufactured Goods: $30.3 Billion out of $110.8 Billion - 27.3%
- Energy: $1.3 Billion out of $25.3 Billion - 6.2%
- Uncovered: $16.2 Billion out of $45.6 Billion - 35.5%
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Those numbers should all be in the 50% range. None are close.
Energy is not even out the door.
Soybeans are likely a bit better than it seems because the harvest is coming up and China may catch up a bit.
Collectively, China’s purchases of all covered products were only at 47 percent (US exports) or 47 percent (Chinese imports) of their year-to-date targets.
Energy is the biggest drag but China is not close anywhere.
Mish