China Imports $5bn Worth of U.S. Farm Goods in First-Quarter amid Trade Falls

In the first quarter of 2020, China imported farm produces worth 35.56 billion yuan ($5.08 billion) from the United States, up 110% from last year as the agreement of the Phase 1 trade deal.

 

An overall trade between China and the U.S. for the first three month decreased by 18.3% from previous year to 668.01 billion yuan ($95.43 billion) with Chinese exports to the U.S. down 23.6% and imports lowering 1.3%.

 

According to the Chinese General Administration of Customs, China has brought a 7.81 million tonnes of soybeans, valuing 21.88 billion yuan, twice as much as year ago, while imported pork of  3.04 billion yuan, an increase of 16 times, and cotton were at 124,000 tonnes, worth 1.59 billion yuan, a 17% increase.

 

China agreed to increase the buying of agricultural goods to $32 billion over two years as part of the Phase 1 deal. Furthermore, China as well has committed to spent more than $50 billion on energy supplies and $35 billion over the same two-year period to boost purchases of U.S. services.