Global Beef Export Trend and New Trend of China Beef Market in 2024

Recently, the U.S. Department of Agriculture released a forecast report on the global beef export market in 2024, pointing out that although U.S. beef exports are expected to decline, the total global beef exports are expected to increase slightly to 12.3 million tons.The increase was largely driven by strong performances from big beef exporters such as Argentina, Australia, Brazil and India, which together offset a decline in U.S. beef exports.

In particular, the report notes that China, a major global beef importer, is expected to see its beef imports fall by 4% in 2024.However, this change has not had a significant impact on the domestic beef consumer market, as domestic beef consumption is expected to remain stable.At the same time, domestic beef production is expected to grow by 2%, which to some extent relieves the market pressure brought about by the reduction of imported beef.

Australia's performance in the global beef export market is particularly impressive.Australia's beef exports are expected to grow by 9 per cent, thanks to ample supplies and competitive prices.Among them, the strong import demand of the US has become one of the important factors supporting the growth of Australia beef export.However, it is worth noting that US beef exports to major East Asian markets are expected to decline, which provides more beef import opportunities for East Asian countries other than China.

Brazil, the world's largest exporter of beef, is expected to increase its beef exports by only 1 per cent to 2.9 million tons in 2024.Still, Brazil has been able to offset the decline in China beef import demand by meeting strong demand from its major trading partners, including the United States, the United Arab Emirates and the Philippines.

At the same time, Indian beef exports also showed an increase.India's beef exports are expected to grow 3 percent, helped by strong demand from key markets such as Southeast Asia and the Middle East, particularly imports from countries such as Vietnam, Malaysia and Saudi Arabia.This growth has not only brought new development opportunities to the Indian beef industry, but also injected new vitality into the global beef export market.

In addition to the beef market, the General Administration of Customs of China also issued a notice on the inspection, quarantine and hygiene requirements for imported Maldives wild aquatic products.The release of this announcement marks that Maldives wild aquatic products have officially obtained the qualification to enter the China market.According to the announcement requirements, the import of Maldives wild aquatic products shall comply with relevant China laws and regulations and inspection and quarantine requirements to ensure product quality and safety.

Generally speaking, although the change of China's beef market has had some influence on the global beef export market, it has not changed the overall growth trend of global beef export.At the same time, China's new rules on imported aquatic products also reflect the Chinese government's strict control over food safety and quality.