Halfway Through The Year, How Is China Doing On Its Trade Commitments?

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%

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