USDA & USTR Say China Has Met 71% of 2020 Phase One Ag Purchase Target
On October 23rd, the Office of the United States Trade Representative (USTR) and the United States Department of Agriculture (USDA) released an Interim Report on the Economic and Trade Agreement between the United States of America and the People’s Republic of China. The report states, “Using the best methodology, we have calculated that China has purchased approximately 71 percent of its target for 2020. They have purchased $23.6 billion in agricultural products so far this year. This is substantially more than the base year of 2017, and should end up being our best year ever in sales to China. It is still to be seen whether they meet their target but particularly given the COVID-19 effects on the global economy they are making substantial progress. It is worth noting that the Phase One Agreement did not go into effect until February 14, 2020, and March is the first full month of its effect. That means that we have seen seven months of agreement sales.” See full report below.