Halfway Through The Year, How Is China Doing On Its Trade Commitments?

Mish

China has missed the mark across the board.

China Imports and Exports by Product Type

China Imports and Exports by Product Type Juine 2020

Charts courtesy of the PIIE US-China phase one tracker: China’s purchases of US goods

Totals

  • Agricultural Imports: $8.7 Billion out of $36.6 Billion - 23.8%
  • Manufactured Goods: $30.3 Billion out of $110.8 Billion - 27.3%
  • Energy: $1.3 Billion out of $25.3 Billion - 6.2%
  • Uncovered: $16.2 Billion out of $45.6 Billion - 35.5%

Those numbers should all be in the 50% range. None are close. 

Energy is not even out the door.

Soybeans are likely a bit better than it seems because the harvest is coming up and China may catch up a bit.

Collectively,  China’s purchases of all covered products were only at 47 percent (US exports) or 47 percent (Chinese imports) of their year-to-date targets.

Energy is the biggest drag but China is not close anywhere.

Mish

Comments (24)
No. 1-14
MiTurn
MiTurn

Those graphs are stunning.

Current state of reality!

Zardoz
Zardoz

They know a deal with trump is meaningless. The ‘deal’ was a pacifier for baby.

Quatloo
Quatloo

I am so tired of all this winning

ToInfinityandBeyond
ToInfinityandBeyond

Trade wars are easy to win. If this is winning I would hate to see losing. No wonder so many of Trump’s businesses have had to file for bankruptcy!

PecuniaNonOlet
PecuniaNonOlet

The master negotiator trumpssiah will just cut a new deal and make it an easy win again right after he repeals obamacare, finishes that 30 foot wall mexico is paying for, places all new confederate flags everywhere, and pardons some criminals while eating goya beans.

Anna 7
Anna 7

No one should ever have expected a “deal” in these circumstances. Don’t you people know Oceania has always been at war with Eastasia?

https://caitlinjohnstone.com/2020/03/23/the-coming-war-on-china%20-%20watch-john-pilgers-powerfully-relevant-documentary/

I wish this was only about “tariffs” and “trade”. No, Oceania wants to return Eurasia to another century of humiliation, because it can’t dominate on a level playing field. And it refuses to accept win-win agreements in trade without also dominating.

Read every other piece of “news” in your Orwellian press with the foregoing in mind.

Tony Bennett
Tony Bennett

"China has missed the mark across the board."

...

Quit with the fact checking.

Algorithms only care about the headline announcement.

Any lagging of goal will just be another chance (ie: headline announcement) for parties to reiterate promise to do better ... sending stocks soaring.

Rinse, repeat blah blah ...

tokidoki
tokidoki

That's why Kodak just went from 2 to 50 in one hour.

Bungalow Bill
Bungalow Bill

The greatest trade deal ever was non-binding and set expectations far beyond need.

njbr
njbr

Let's see, trade deals, North Korea, his recent prescription drug orders, his non-invite to throw out the first pitch to the Yankees, his convention in Jacksonville...

It like the old joke about the the Soviet Union..."they pretend to pay us and we pretend to work".

Except, "they pretend it is a great deal, and we have to pretend its working for us".

Mish
Mish

Editor

"why doesn't import export data match ? currency differences?"

Currency and accounting differences

Lance Manly
Lance Manly

I know I am getting sick of so much winning for China

lol
lol

We all know that trade deal was as bogus as the paper it was written on,like that USMCA nonsense.Pay a Mexican $16.00 hr when they make $1.35hr now,plus China's economy is in rough shape,sure it's know where near the complete disaster (collapse)of the US economy,but it's definitely struggling.

inonothing
inonothing

The US is Charley Brown, and China is Lucy.


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