U.S. Soybeans Drag Down China’s Early Phase 1 Progress
Oilseed occupied light share of total American farm exports to China during first half of 2020
U.S. soybean sales to China for the upcoming marketing year sit at a six-year high after last month’s blistering sales pace, reports Reuters.
The oilseed, however, occupied an unusually light share of total American farm exports to China during the first half of 2020, which explains why the Asian country is seemingly very far behind on fulfilling promises made in the Phase 1 trade agreement.
Between January and June, the United States had shipped $7.3 billion worth of agricultural and related products to China, according to data published on Wednesday by the U.S. Census Bureau.
That is up 6% from the first half of last year, which was an 11-year low, but is down 25% from 2017, the benchmark outlined in Phase 1.