Thread by @ChadBown

NEW: China’s purchases of US goods were over 40 percent short of its total commitment for 2020 found in the Phase One trade agreement.

Official December US export statistics released today, closing the book on US-China goods trade for 2020... 1/
piie.com/research/piie-…

The Phase One deal has 3 sectoral targets. Of those, China's purchases of US farm products were least bad. (Makes political sense)

According to US export statistics, China's purchases came up short in 2020 by
• 18% for agriculture
• 43% for manufacturing
• 63% for energy

2/

For #TradeTwitter, of interest is the sizeable GAP in farm purchases between Chinese import and US export statistics.

Ie, China's purchases of covered agricultural products reached 82% of target based on US export data BUT ONLY 64% based on Chinese import data. 🤔🤔🤔

3/

Some of the gap is explained by SOYBEAN exports 🚣🏾 leaving US ports in December 2020 (counting in 2020 US export stats) but not arriving at China's port until January (counting in Chinese import stats only in 2021). 🤓

Either way, ag doesn't get above 82% of target for 2020.

4/

The $5 billion, "China will strive" nugget

Footnote b of the legal text is a reminder the US wanted $5bn MORE AG purchases each year from China.

Add $5 billion more to the target and China got to 71% (not 82%) of the 2020 ag purchase commitment.

ustr.gov/sites/default/…

ENDS /