China is lagging behind its commitments to buy U.S. goods, including agricultural commodities, and trade experts are expressing doubts that the Chinese will catch up.
Under a trade deal signed in January, the Chinese promised to buy $140 billion worth of agricultural and manufactured goods, as well as fuel, from the U.S. by the end of 2021. However, the pandemic and other factors have slowed Chinese imports to the point where it looks like they’ll have trouble meeting the $140 billion goal, according to a Wall Street Journal report.
U.S. exports of food to China have gone more smoothly than exports of manufactured goods or energy. Nonetheless, China has bought or committed to buy $23 billion of U.S. agricultural goods, which is only 71% of the target needed to stay on pace with the January agreement. Actual exports so far this year total $12.7 billion, against a 2020 target of $33.4 billion.