China's Progress on U.S. Trade Deal Slowed Again in May - Bloomberg

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China’s imports of American goods slowed again in May, putting the purchase targets agreed with the U.S. in the 2020 trade deal even further out of reach.

China bought almost $10 billion worth of manufactured, agricultural and energy goods from the U.S. in May, the lowest monthly total since October 2020. That took total imports to almost $157 billion since January 2020, 41.4% of the targets the two nations agreed at that time.

Sisyphean Trade Target

China nowhere near achieving targets for imports of U.S. goods

Source: Bloomberg calculations based on Chinese customs data

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.

	2020-21	2020-21	May	April	March	Feb.	2020
Unit: Million U.S. Dollar	Target	Total	2021	2021	2021	2021	Total
All products	378,383	156,819	9,821	10,368	13,295	10,701	99,883
Manufactured products	232,633	97,497	6,368	6,271	6,781	5,317	66,524
1. Industrial Machinery		24,639	1,589	1,585	1,717	1,430	16,818
2. Electrical equipment and machinery		9,381	530	558	579	420	6,710
3. Pharmaceutical products		7,301	377	431	716	396	4,936
4. Aircraft		3,053	218	464	59	0	2,024
5. Vehicles		12,769	790	733	744	757	8,639
6. Optical and medical instruments		7,253	488	490	622	361	4,905
7. Iron and steel		825	63	40	45	36	606
8. Other manufactured goods		32,275	2,313	1,971	2,299	1,917	21,887
Electronic integrated circuits		21,026	1,532	1,265	1,497	1,292	14,222
Agricultural products	80,173	42,363	1,984	2,906	5,174	3,871	23,565
9. Oilseed (Soybean)		21,138	151	1,135	3,614	2,566	10,635
10. Meat		4,679	334	305	340	244	3,131
Pork		2,152	94	95	137	85	1,637
11. Cereals		5,511	765	747	488	484	2,456
12. Cotton		2,600	125	124	234	230	1,605
13. Other agricultural commodities		7,373	550	526	449	297	4,961
14. Seafood		1,061	59	68	49	50	779
Energy products	65,578	16,960	1,470	1,191	1,340	1,514	9,794
15. Liquefied natural gas		2,452	295	128	156	389	1,104
16. Crude Oil		9,278	551	459	660	563	6,277
17. Refined products		4,623	488	439	415	521	2,300
18. Coal		607	137	166	109	40	113

Note 1: Monthly services data are not available from China authorities.

Source: China General Administration of Customs

— With assistance by Ailing Tan

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