China beef and pork imports revised up for 2023

According to a recent USDA Foreign Agricultural Service (FAS) report, despite the challenges of the current wave of COVID-19 infections in China, import forecasts of beef and pork for 2023 are revised up and are now forecast higher year-on-year. Chicken meat imports are forecast marginally lower, however. The upward revisions for China red meat import forecasts are partially derived from higher estimates for 2022 as fourth quarter shipments were stronger than expected. For 2023, projected economic recovery as well as the anticipated revival of the hotel, restaurant, and institutional (HRI) sector support expanding consumption and red meat imports. Despite an upward revision for China pork production in 2023 from the October forecast, domestic supplies are virtually unchanged year on year and are unlikely to fully meet rebounding consumption. Beef imports are expected to grow in 2023, but the pace of shipments will slow as importers ...