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CHINA'S TOP AG CONSULTANCY SHOWS HOW NATION CAN MAKE PROMISED U.S. COMMODITY PURCHASES
Dec. 23, 2019
Reuters reports:
BEIJING - China will make good on a pledge to purchase more than $40 billion per year of U.S. agricultural products under the recently agreed Phase 1 trade deal between the two countries, China's top agriculture consultancy said on Friday.
Chinese purchases of agricultural goods are expected to increase to $40 billion to $50 billion annually over the next two years under the deal aimed at resolving the long-running trade war between the world's top two economies, according to U.S. Trade Representative Robert Lighthizer.
The deal has yet to be signed, fuelling scepticism over whether China will be able to import such a large amount of U.S. farm products.
"Most foreign media don't believe that China can fulfil the commitments," Shanghai-based consultancy JCI wrote in a note. "But as a Chinese consultant company on (the) agricultural market, JCI strongly believe that China has the ability and will fulfil its promise."
JCI estimates China can buy a total of roughly $41.3 billion worth of U.S. farm products annually, including around $18.7 billion - or 45 million tonnes - of soybeans.
For a graphic on JCI estimates of China's imports of U.S. agriculture products under Phase 1 of the U.S.-China trade deal, click here.
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