China's Ministry of Commerce launches investigation into beef imports

Published 2024년 12월 28일

Tridge summary

China's Ministry of Commerce has initiated an investigation into the country's beef imports, prompted by domestic beef associations that claim the surge in imports has negatively impacted the local industry. Beef imports in 2023 were 65% higher than in 2019, contributing to a downturn in domestic prices. However, the investigation does not aim to disrupt normal trade activities. Meanwhile, Australia announces the lifting of trade restrictions on two of its meat processing facilities by China, signaling an improvement in trade relations between the two countries. Australia is a significant supplier of beef to China, with annual imports valued at approximately $1.5 billion.

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Original content

China's Ministry of Commerce launched an investigation into beef imports on Dec. 27 at the request of domestic beef associations. The ministry said the domestic associations' request for an investigation asserted that the sharp increase in beef imports in recent years "has had a significant negative impact on the domestic industry." The ministry cited producers as saying that beef imports in 2023 were 65% higher than in 2019. The investigation, which took effect on Dec. 27, is expected to last eight months but could be extended under special circumstances. Normal trade will not be affected during the investigation. Domestic beef prices in China have been on a downward trend in recent years. Analysts say the oversupply and weak demand are due to a slowdown in the world's second-largest economy, while imports have surged. China is currently a key export market for countries such as Brazil, Argentina and Australia. Brazil, the world's largest beef exporter, said it would seek to ...

Source: Vietstock