China has accelerated imports of crude oil, propane and liquefied natural gas (LNG) from the United States since July, but total energy product purchases through October remain far short of targets for 2020 set out in the Phase 1 trade deal with Washington, reported Reuters.
Over the first 10 months of 2020, China’s purchases of U.S. crude oil, LNG, propane, butane and other energy products totalled $6.61 billion, about 26% of the $25.3 billion target, according to Reuters calculations based on Chinese customs data.
While the gap to the target is unlikely to be bridged by year-end, US and Chinese trade officials reaffirmed their commitment to the deal in August, and China’s imports of US energy products have increased sharply the second half of the year.
The $6.61 billion accrued through October marks a five-fold jump from the $1.29 billion amassed by end-June.