China turns on some red alarm lights

Published 2024년 12월 30일

Tridge summary

China is launching an investigation into its beef imports, seeking to address an oversupplied market that has led to falling domestic prices. The Ministry of Commerce will look into fresh, chilled, beef head, and frozen beef imports between 2019 and mid-2024, prompted by concerns from the China Livestock Association and other groups about the impact of imported beef on the domestic industry. This investigation, aimed at protecting local farmers and the industry, does not target specific countries and is expected to be completed within eight months. China is also considering trade restrictions on dairy products and pork from the European Union as a response to the EU's tariff plan for Chinese-made electric vehicles.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

China has announced that it will launch an investigation into beef imports. The Ministry of Commerce of China, the world's largest importer and consumer of beef, pointed out that there is an oversupplied market that has sent domestic prices to multi-year lows. Thus, it warns that any trade measure aimed at trying to reduce beef imports would affect China's largest suppliers: Brazil, Argentina and Australia. According to customs data, total beef imports from China reached $14.2 billion in 2023, compared to $8.2 billion in 2019. Brazil accounted for 42% of the total trade value, followed by Argentina with 15% and Australia with 12%. According to data from the Consortium of Argentine Meat Exporters (ABC), in November 66,000 tons of product weight were exported (-5.3%) - 260.5 million dollars (-6.8%) vs. October 2024. Compared to November 2023, exported volumes are (+9.6%) higher; while the value obtained has been (+16.1%) higher. In that period, China accounted for 78.8% of export ...

Source: Campototalweb