Taps Coogan – December 1st, 2020

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As the following chart from the American Farm Bureau Federation via John Newton shows, China has fallen short of its commitments to import US agricultural products every single month since signing the ‘Phase One’ trade deal last December. Agriculture represents just one of China’s import obligations under the deal.

For the month of October, China’s imports were 28% below target. Cumulatively, China is behind its agricultural import obligations by a hefty 46%. This occurs against the backdrop of China’s overall agricultural imports surging this year and it’s imports from Brazil jumping 22%. To the extent that COVID has had any effect on China’s agricultural imports it has been to increase them, leaving China with few excuses for the shortfall.

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