China’s Cumulative Ag Purchases
China’s pace of purchases continues to be faster than anything seen in recent years – and it’s not just soybeans. Over the last nine months, the United States set an all-time record for agricultural exports to China.
Last year, China got off to a sluggish start before kicking its purchases into high gear in the fall. That trend carried over into 2021. The most recent data, from June 2021, shows that the buying streak has continued. An additional $2 billion in purchases were made, bringing year-to-date activity to $15.2 billion (Figure 1).
Through June, China’s pace has been considerably faster than anything observed since 2016. During the Trade War, China’s total annual purchases were $13.2 billion (2018) and $16.3 billion (2019). Now, China’s agriculture purchases are the category that’s closest to meeting the targets outlined in the “Phase One” agreement.