US: A strong second quarter is expected for red meat demand in China

Published 2023년 2월 21일

Tridge summary

Following the easing of COVID-19 restrictions in China, there has been a noticeable rebound in consumer activity across various sectors, including food service, hospitality, logistics, transportation, and retail, as reported by the U.S. Meat Export Federation (USMEF). This revival is attributed to the accumulated savings Chinese consumers have built up during the lockdown, which they are now looking to spend. The USMEF is capitalizing on this trend by formulating a new market strategy in China, aimed at addressing the shifting consumer needs. Notably, U.S. beef and pork exports to China reached record highs in 2022, with beef exports totaling 243,500 metric tons valued at $2.2 billion, and pork exports amounting to 534,500 metric tons, worth $1.4 billion.

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

Original content

After easing of restrictions, a COVID wave quickly moved through China at the start of the year. Now that the wave has eased, Chinese consumers are quickly returning according to U.S. Meat Export Federation China Director Polly Zhao. "It's not only the food service, it's all the related sectors like hotel and accommodations, passenger logistics, transportations and retailers, and movies, they're all coming back," Zhao says. "So this is all good signs." USMEF Senior Vice President for Asia Pacific Joel Haggard notes that Chinese consumers built up savings during the COVID lockdown and they are now ready to spend, which should bode well for pork and beef consumption. "So we're starting this year on a really positive footing because you have this economy that's going to bounce back, the Chinese government is going to stimulate the economy to bring back that GDP level, the consumers are going to be out wanting to spend," Haggard says. "Their accumulated savings last year grew by a few ...

Source: NationalHogFarmer