USDA lowers Japan's beef and pork import forecasts for 2023

The USDA has just released its latest report on forecasts on the evolution of Japan's beef imports for 2023. According to estimates, imports will drop as consumption has fallen due to the strong inflation in the country and the depreciation of the yen against other international currencies. Imports in 2022 were down 4% overall compared to 2021 and stood at 776,556 t. In the case of premium and refrigerated meat, they fell by 18%, but imports of frozen beef increased by 7%. As a result, Japanese frozen beef and food service channel importers built up stocks awaiting rebounds driven by tourism. For pork, production stability is estimated, with close to 130,000 t, while imports would be reduced by 5% to 1.47 million t, compared to 1.52 in 2022. Demand for frozen pork, which goes mainly to Japanese processing companies, will provide steady sales of processed pork products in 2023, but high opening stocks mean 2023 imports will decline. Japan's pork imports in 2022 increased 7% ...