CHINA WAY OFF IMPORT TARGETS SET IN DEAL WITH U.S.
China’s imports of American goods slowed again in May, putting the purchase targets agreed with the US in the 2020 trade deal even further out of reach, Ailing Tan reported for Bloomberg News.
China bought almost $10 billion worth of manufactured, agricultural, and energy goods from the US in May, the lowest monthly total since October 2020. The total imports reached almost $157 billion since January 2020 but are still only 41.4% of the targets the two nations agreed at that time.
The pace of China’s lagging imports from the US will not permit the country from achieving targets for imports of US goods under the agreement.
The slowdown was despite corn imports surging to a record in the month, with ships carrying the crop stuck waiting for weeks off China’s coast before they could offload the crop. China is also buying agricultural products for delivery from later in the year, and these will bump up the totals somewhat once they actually arrive in China. Nonetheless, China will still be woefully behind the goal it had sworn to meet.