China Achieves 26% of Its 2020 Target For US Energy Imports Under The Trade Agreement

China has ramped up imports of crude oil, propane and LNG from the United States since July, but total purchases of energy products through October are still well below the targets set for 2020 included in the Phase 1 trade agreement with Washington.

According to Reuters calculations, which was based on Chinese customs data, over the first ten months of 2020, China’s purchases of crude oil, liquefied natural gas, propane and butane from the United States amounted to $ 6.61 billion, just about 26% of its $ 25.3 billion targets.

Although the target volume is unlikely to be achieved by the end of the year, Chinese and US trade officials reaffirmed their commitment to the agreement in August, and China’s imports of US energy products increased sharply in the second half of the year.

The value of purchases through October is a five-fold jump from the $ 1.29 billion levels recorded at the end of June.