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21

2022

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09

China's Imported Beef Source Countries in Aug

Source:

BTC; OIG+X

Mainland China maintained the previous growth trend in its imported beef volume in Aug, which set a new record high at 273,000 tons, soaring by more than 40% compared with 193,000 tons last year.

 

Mainland China maintained the previous growth trend in its imported beef volume in Aug, which set a new record high at 273,000 tons, soaring by more than 40% compared with 193,000 tons last year. However, beef import value in Aug fell slightly by 2% to 1.89 billion USD month-on-month, making the average price of imported beef products falling to 6,909 USD. The boom in the imported beef market has fueled a prominent increase in the overall volumes on the mainland this year. From Jan to Aug, China imported 1.695 million tons, a YoY increase of 12%.

 

 

Brazil:

Various surges revealed in beef imports from major source countries as beef imports broke the historical peaks. Data showed that mainland China’s beef imports from Brazil have increased month by month, rising to 113,000 tons in Aug yet its growth rate has slowed down compared with previous months that only 1,420 tons increased compared with July. Beef products from Brazil accounted for 41.4% of the total volume in Aug (+0.1 pp) MoM, yet with a skyrocket of 89% YoY. The unit beef price fell by 88 US$/T to 7,391 US$/T MoM.

 

 

Argentina:

The import volume of beef from Argentina has generally remained stable with an upward trend. In Aug 2022, mainland China imported 53,000 tons of beef from Argentina, with a MoM increase of only 705 tons but a YoY surge of 76%. Argentina’s imported beef market share declined as its authority put restrictions in beef exports. The import value of beef products from Argentina was 313 million USD, a MoM decrease of 2.34 million USD and its average price fell to 5,860 US$/T (-2%). From Jan to Aug, mainland China imported 315,000 tons of beef from Argentina (-4%) YoY.

 

 

Uruguay:

Since this year mainland China's beef imports from Uruguay have generally remained relatively high. The import volume of beef products in Aug rose to nearly 36,000 tons (+8% MoM), showing a substantial increase of nearly 50% compared with 24,000 tons in last Aug. The import value of beef products from Uruguay was 190 million USD, and the average price fell to 5,318 US$/T. Mainland China has imported 266,000 tons beef products as of Aug, with a historical peak of 31% rise YoY. About 15.7% of the beef products this year was imported from Uruguay (+2.3% YoY).

 

 

New Zealand & Australia:

Mainland China imported 22,000 tons of beef products from NZ in Aug 2022, an MoM increase of 5% and a YoY decrease of less than 1%. The unit import value from NZ fell slightly by nearly 20 US$/T to 6,796 US$/T. Meanwhile, Australia was the only one in the top 5 source showing a MoM decline. The mainland imported 16,000 tons of beef from Australia, slight decreased by 13% MoM but a YoY increase of more than 40%. The average import price declined by 5% to 8,887 US$/T. From Jan to Aug 2022 beef imported from NZ and Australia were 149,700 tons and 119,700 tons, up 7% and 24% year-on-year, respectively.

 

 

US:

Mainland China imported 15,500 tons of beef from the United States, down 6% from the previous month, little changed year-on-year. The import value of beef was nearly US$150 million, down 11% month-on-month. The average import price also fell by 5% month-on-month to 9,656 US$/T, but it was higher than the average import price from Australia by 768 US$/T over the same period. From Jan to Aug, the cumulative import volume of beef from the United States exceeded 100,000 tons for the first time, reaching 112,000 tons, a year-on-year increase of 35%.

 

 

Belarus & Bolivia:

In addition to the main sources, there were some obvious changes in the beef import volume from Belarus and Bolivia. In Aug, beef imports from Belarus fell to 4,544 tons from 5,681 tons in July, a MoM decrease of 20%, but a YoY soar of 39%. Its import price was 5,524 US$/T, 7 US$/T MoM increase. Beef imported from Bolivia was 3,707 tons, soaring 53% from 2,415 tons month-on-month, tripled than last Aug. The average price fell 5% MoM to 7,401 US$/T. From Jan to Aug, 34,000 tons and 12,000 tons of beef were imported from these two countries respectively.