Positive signs for the Australian beef industry in 2023
Rabobank reports that the recent removal of COVID restrictions in China opens opportunities for Australian exporters to tap into changes in Chinese beef consumption. In its Q1 Global Beef Quarterly, the bank says that China’s reopening will not only offer business opportunities for beef exporters, but also generate volatility in the global market. The bank expects overall Chinese household consumption to rebound strongly from the low base of 2022, leading a slow rise in the demand for beef. This may support increased trade from Australia as Australian beef supply lifts and prices ease while beef production declines in the US, a key supplier to the Chinese market.