Q1 of 2020 saw China import $5.05 billion of U.S. agricultural produce

According to customs data, in the first three months of this year, China imported U.S. farm goods worth $5.05 billion (35.56 billion yuan), up by 110% from last year.

Under the phase 1 trade deal, China has committed to purchasing additional purchases of U.S. agriculture products totaling $32 billion over two years. This would include $12.5 billion above the corresponding 2017 baseline of $24 billion in 2020 and $19.5 billion above the baseline in 2021.

In the first quarter of 2020, China purchased 7.81 million tonnes of soybeans from the U.S. worth 21.88 billion yuan, up 210% from a year ago, according to data from the General Administration of Customs.

During the same period, China also purchased 168,000 tonnes of U.S. pork, up by 640% from a year ago.

The value of these shipments increased by 17 times to 3.04 billion yuan.

China also imported 124,000 tonnes of U.S. cotton, up by 43.5% from the last year, and worth 1.59 billion yuan, up by 17% from a year earlier.

Categories: Creativity, Economy & Finance, Entrepreneurship, Geopolitics, HR & Organization, Regulations & Legal, Strategy

Tags: , , , , , , , , , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: