Watch out for Brazil! - warns GIRA
For this year, Brazil seems to be the most better-placed supplier in the global meat market, according to the latest GIRA analysis. Due to pre-COVID19 conditions in China, such as ASF crisis and the deficit of animal protein, the giant Asian market has proved to be supportive for oversupply from the EU, Brazil and the US. However, as Brazilian Real is getting very weak in front of the US dollar, the competitiveness of Brazilian meat products will increase in short-term, says the latest GIRA forecast for the global meat trade.
A similar conclusion was reached by the analysts of Bank of America "The trend of solid global demand for Brazilian animal proteins should continue, despite the prospect of falling prices for some products", they explained in their early September report.
According to data released by the Foreign Trade Secretariat (Secex) of the Ministry of Economy, Brazilian meat exports have maintained "an impressive trajectory in August", with a 43% growth in beef shipments, 25% in chicken meat exports and an increase of 120 % in the external trade of pork.
However, 2021 may turn out to be a difficult year for all major meat exporters as "short term demand hit at a global level, even in China - masked by the ASF crisis. 2021 will be a difficult year of rebalancing and uncertainty", said GIRA analysts.
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