China said Tuesday it bought twice as many American farm products in the first quarter than a year ago, in a sign the countries are following through with part of the phase one trade agreement despite the coronavirus pandemic.
Many also worry that the coronavirus outbreak might hamper the ability of both countries to fulfill the trade agreement.The disease, officially called Covid-19, first hit China late last year and shut down much of the country's economy in February in an extension of the Lunar New Year holiday.
Chinese exports dropped 17.2% in U.S. dollar-terms in January and February from the first two months of last year, with the decline narrowing to"Since the coronavirus outbreak only got much serious in Europe and North America from late February, its impact on China's exports to those destinations might only show up in Q2, especially April and May," Ting Lu, chief China economist at Nomura, said in a note Tuesday.
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