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- China buys more US farm products amid plunge in trade
China buys more US farm products amid plunge in trade
CNBC reports that China said Tuesday it bought twice as many U.S. farm products in the first quarter than a year ago, in a sign the countries are following through with part of the phase one trade agreement despite the coronavirus pandemic.
The Asian giant imported 35.56 billion yuan ($5.08 billion) worth of U.S. agricultural products in the first quarter, according to its customs agency. The volume of soybeans imported also doubled and that of pork increased more than six times, the agency said, while Chinese imports of cotton rose 43.5%.
From a price perspective, China imported 21.88 billion yuan worth of soybeans, twice that of a year ago. Imports of pork were worth 3.04 billion yuan, an increase of 16 times. That of cotton was 1.59 billion yuan, a 17% increase.
The China-U.S. phase one trade agreement is gradually being implemented, China Customs spokesperson Li Kuiwen said Tuesday at a press conference.
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