CHINA-ECONOMY: CHINA FAILS TO MEET TARGETS OF PHASE ONE OF CHINA-U.S. TRADE DEAL
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Bloomberg reported (November 28), based on China Customs Administration data, showed that China’s imports of U.S. goods under the phase one trade deal slowed last month after hitting a high in September, leaving the full-year target well out of reach. As of the end of October, China had purchased about $75.5 billion of targeted goods or 43.9% of the total 2020 target of $172 billion in goods, meaning China needs to buy more than $95 billion worth in the remaining two months of the year to fulfil January’s trade agreement with the U.S. The slowdown was led by a nearly 60% drop in crude oil purchases in October from a month earlier. Purchases of energy products were at only about 25% of where they need to be by year-end, much lower than for the other categories of agricultural and manufactured goods.
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