Imported beef dropped by 140,000 tons, domestic beef market to fire?

In the third quarter of 2024 (July/August/September), the beef import volume decreased by 140,000 tons (about 5185 cabinets) compared with last year. According to the latest data released by the General Administration of Customs, China's beef import volume in September 2024 was 221,200 tons, which fluctuated compared with the previous two months, but remained at a relatively stable level as a whole.

However, compared with the same period last year, this figure has shown a significant decline.Specifically, China's beef imports totaled 674,700 tons in the third quarter of 2024, compared with 815,000 tons in the same period last year, a decrease of 140,000 tons.

This decline in imports is no accident.According to the survey, Uruguay, Argentina, Australia, New Zealand and other major beef exporting countries have reduced their beef exports to China.This may be due to the decline in beef production in these countries, the adjustment of export policies or the intensification of international market competition and other factors.

At the same time, rising prices for live cattle in Brazil have also had an impact on China's beef import market.In the first two weeks of this month alone, the price of live cattle in Brazil has risen 9.46 percent, according to Brazilian authorities.The increase has not only pushed up the cost of producing beef in Brazil, but has also increased the cost of importing beef from Brazil to China.As a result, China importers are likely to cut back on beef imports from higher-priced countries such as Brazil and look to other, cheaper sources of supply.

In addition, the rise in retail prices of beef in Brazil also reflects tight market supply.The price of beef has been driven up by a decline in the number of cattle available for slaughter as long droughts have damaged pastures.This situation not only affects the domestic beef consumption market in Brazil, but also may have an impact on beef supplies in importing countries such as China.

Faced with this market change, China's beef consumption market may usher in a new transformation.On the one hand, the reduction in imports may push up domestic beef prices, which in turn affects consumers 'willingness to buy and consumption.On the other hand, it may also encourage China to strengthen the development of domestic beef industry, improve self-sufficiency rate and reduce dependence on external markets.