How far short is China of its 2020 US energy purchase goal?

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China's 2020 US Energy Purchase Goal Remains Unmet

China's acquisition of US energy products through October 2020 reached US$6.61 billion, representing only 26% of the US$25.3 billion target stipulated in the Phase 1 trade agreement. Despite a significant acceleration in imports of crude oil, propane, and liquefied natural gas (LNG) since July, the cumulative purchases fall substantially short of the annual objective.
Accelerated Imports in Second Half of 2020

The total value of US energy products purchased by China up to the end of October marked a substantial increase from the first half of the year. By the end of June, China had acquired US$1.29 billion worth of these products, with the figure jumping fivefold to US$6.61 billion by October. This surge indicates a renewed commitment to fulfilling the trade deal obligations in the latter part of the year.
Propane Imports Show Fastest Growth

Among the major energy products, propane imports from the US experienced the most rapid expansion since July. This increased demand is attributed to robust requirements from China's resurgent manufacturing sector, particularly for chemicals, and the commissioning of new processing units by independent refiners such as Zhejiang Petroleum & Chemical and Zhejiang Huahong.
Record Crude Oil Purchases, but Pace May Slow

China's imports of US crude oil reached a record volume of 12.5 million tonnes through October, valued at US$3.88 billion. However, the momentum in US crude purchases is anticipated to decelerate for the remainder of 2020. This slowdown is expected as key suppliers like Saudi Arabia and Russia are reportedly focusing on increasing their own flows to China, the world's top oil importer.

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How far short is China of its 2020 US energy purchase goal?

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