China reduced the pace of its purchases of U.S. goods in August, making slow progress in meeting the goals of its trade deal with the world’s biggest economy.
The value of U.S. goods bought by China declined from the previous month, led by a slowdown in energy products, according to Bloomberg calculations based on Customs Administration data. By the end of August, China had purchased about 32.8% of the full-year target of more than $170 billion—meaning it must buy about $115 billion of goods in the remaining four months of the year to comply with the agreement signed in January.
The U.S. and China reaffirmed their commitment to the phase-one trade deal in August, demonstrating a willingness to cooperate even as tensions rise over a range of issues.
China cut its pork imports from the U.S. by nearly 40% in August from a month earlier, while increasing its purchases of cereals, the data showed. Imports of soybeans, one of the key products in the trade deal, rose almost 300% from a month earlier and are likely to trend higher as the U.S. harvest picks up.
The August data is based on the latest revised data.