China's beef imports are 45% up
China continues to drive the global beef trade, with imports rising by 45% in the first 5 months of the year, according to data released by Meat and Livestock Australia. The total volume of beef imported by China reached 821,000 tonnes swt, with Brazil and Argentina increasing the sales in the Asian market by 131% and 51% respectively. "China imports of Australian beef also recorded solid growth in the first five months of 2020, up 35% year-on-year, but figures are yet to reflect the trade slowdown from the temporary delisting of four plants," said MLA in a press release. The recent rise in COVID-19 cases out of Beijing is of some concern for meat demand in China, however, imports remained strong through the initial wave across the country and during the subsequent lockdown.
Even if COVID-19 disrupts slaughter capacity in South America, Brazil and Argentina will likely continue sending substantial volumes to an attractive China market due to weak currencies and poor domestic demand. Brazil and Argentina will remain very competitive against Australian product in the commodity end of the market.
So far, despite the signing of the US-China Phase One trade deal at the end of January, only minor volumes of US beef have been shipped to the Chinese market, 4,700 tonnes swt, accounting for almost 1% market share.
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