27
Sep

Chinese beef imports forecast to fall in 2023

The USDA’s latest livestock and products annual report on the Chinese animal protein market predicts that China’s volume of beef & veal imports will fall by 600kt(19%) in 2023, to 2.5mmt. (figure 1)

Among the drivers for this change are that Chinese domestic beef production is expected to continue its expansion trajectory, growing by 300kt (4%), while domestic consumption is tipped to shrink by 300kt (3%). The key drivers behind the increase in production is related to an assumption that Chinese slaughter will pick up the pace by 4.6% compared to 2022, as this year’s crop of cattle reach finished weight, and the carryover from subdued slaughter this year stemming from COVID-zero related restrictions is worked through. This increased domestic supply, combined with lower domestic consumption is expected to weigh negatively upon Chinese beef prices in 2023.

Click here to read full note: https://mecardo.com.au/chinese-beef-imports-forecast-to-fall-in-2023/