Canada: Beef imports up in China, down in Hong Kong

Published 2021년 6월 18일

Tridge summary

China's beef imports experienced a 20% growth year-over-year as of March, reaching 623,947 MT. Despite a decrease in imported beef volumes for Canada and the U.S., both countries saw significant growth in the first quarter. Canada's imports increased by 143%, and the U.S. by 629%, with 31 additional beef plants now eligible to export to China. However, China's overall import values dropped by 6% due to normal pricing. Retail sales in China rebounded in March, growing 34.2% year-over-year, while Hong Kong's retail sales fell by 10% due to easing social distancing policies and uncertainty in imported beef volumes. The food service and catering sector in China also saw positive growth in March, aiding in imported beef sales.

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

Original content

As of March, China imported 623,947 MT of beef with a growth rate of 20% year-over-year. Canadian beef import volumes grew 143% compared with the same period last year, reaching 3,594 MT and $24.4 million in value. Overall import values dropped by 6% as pricing returned to normal compared with the same period in 2020. China’s U.S. beef import volumes increased by 629% in the first quarter. U.S. imports replaced market share from Australia, whose import volumes decreased by 48% for the same period. The U.S. also gained access for 31 more beef plants to export to China. April beef prices, especially for grain-fed cattle, increased 10 to 20% from the previous month. Beef cuts in shortage are increasing in price, even more, especially short plate. Grain-fed beef prices are rising in Hong Kong — especially U.S. beef — due to shortages. Prices for popular beef cuts like rib-eye and striploin were up by 15 to 20% compared to April 2020. As of March, Canadian beef import volumes dropped ...

Source: EuroMeat