Even as market attention is mostly on the COVID-19 situation, some are noting that trade data for the first two months of 2020 indicate China is behind on the pace needed to meet their commitments under the phase-one trade deal to boost their imports of U.S. agricultural goods.
The Trump administration over the next few weeks will give an assessment of the current phase-one developments. But public information is forthcoming on the deal, as the agreement calls for the U.S. and China to make "public disclosures" on "quarterly exports and imports of goods and services, no longer than 90 days after the end of each quarter."
Indications are a call between U.S. and Chinese officials was postponed two weeks ago after U.S. President Donald Trump and Chinese President Xi Jinping were scheduled to talk via telephone March 27. U.S. officials are said to be remaining cautiously content with China’s progress towards buying American products and opening the domestic market to U.S. firms.
However, there are still actions on the intellectual property front that China has not yet put in place that were agreed to in the -phase-one deal, according to a report in the South China Morning Post.
Meanwhile, the China Agricultural Supply & Demand Estimates (CASDE) report released by their Ministry of Agriculture and Rural Affairs increased their forecast for 2019/20 corn imports to 4 million metric tons, up 1 mmt from their prior mark, citing the U.S.-China phase-one agreement.
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