Knowledge

To provide the latest market news and hold online & offline events to assist you being well-informed and making decisions.

16

2023

-

03

Prediction of China's Beef Import Volume

Source:

The Beef Site

The cattle production forecast in 2023 remains unchanged at nearly 52.6 million head. Growth in the herd is expected to slow due to a marginal increase in the cow inventory in 2022 from 2021.

The cattle production forecast in 2023 remains unchanged at nearly 52.6 million head. Growth in the herd is expected to slow due to a marginal increase in the cow inventory in 2022 from 2021.

 

Cattle imports in 2023 are forecast to decline to 270 thousand head from 350 thousand in 2022 due to a large cattle inventory and supplier-initiated export prohibitions. Beef production in 2023 is forecast to grow 3 percent to 7.4 MMT on stronger demand for beef products in the hotel, restaurant, institutions (HRI), and retail sectors following the end of domestic COVID restrictions.

 

Beef imports in 2023 are forecast slightly lower at 3.4 MMT. In February 2023, Brazil self-suspended beef exports following the detection of a suspected BSE case. If the suspension endures and no other alternate origin suppliers materialize, beef prices could move higher and negatively impact beef consumption in 2023.