China’s Progress on U.S. Trade Deal Slowed Again in May
(Bloomberg) -- Supply Lines is a daily newsletter that tracks trade and supply chains disrupted by the pandemic. Sign up here.
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.
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.
|Unit: Million U.S. Dollar||Target||Total||2021||2021||2021||2021||Total|
|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|
|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|
|9. Oilseed (Soybean)||21,138||151||1,135||3,614||2,566||10,635|
|13. Other agricultural commodities||7,373||550||526||449||297||4,961|
|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|
Note 1: Monthly services data are not available from China authorities.
Source: China General Administration of Customs
©2021 Bloomberg L.P.