October 26, 2020

US: China's imports of US agricultural goods at 71% of target of Phase 1 deal

The United States government said China has increased its purchases of US agricultural goods and executed 50 out of 57 technical commitments aimed at lowering barriers to US imports, based on the US-China Phase 1 trade deal signed earlier this year, Reuters reported.

The US Trade Representative's (USTR) office and the US Department of Agriculture (USDA) said in a joint statement that China purchased US$23 billion in US agricultural goods, or 71% of the target set in the Phase 1 deal.

Robert Lighthizer, USTR, said there has been big improvements in the country's agricultural trade relationship with China, benefitting US farmers and ranchers.

China purchased 8.7 million tonnes of US corn, a record high, while US soybean sales to China for marketing year 2021 were double the levels of 2017.

China imported an all-time record of US pork between January to May 2020, while US beef and beef products to China are triple of 2017 levels in the first eight months of this year.

The USDA projects sales to China to reach record or near-record highs for other US agricultural products such as alfalfa hay, peanuts, pecans, pet food, and prepared foods.

-      Reuters