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THURSDAY, JULY 24, 2025
China investigates beef imports as oversupply squeezes prices

China

Reuters
28 December, 2024, 11:45 am
Last modified: 28 December, 2024, 11:52 am

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China investigates beef imports as oversupply squeezes prices

Any trade measures to try to reduce beef imports would hit China's largest suppliers, Brazil, Argentina and Australia

Reuters
28 December, 2024, 11:45 am
Last modified: 28 December, 2024, 11:52 am
Beef steaks get cooked at the kitchen of Wolfgang's Steakhouse restaurant which specialises in high quality US beef, in Beijing, China September 8, 2021. Photo: REUTERS/Carlos Garcia Rawlins/File photo
Beef steaks get cooked at the kitchen of Wolfgang's Steakhouse restaurant which specialises in high quality US beef, in Beijing, China September 8, 2021. Photo: REUTERS/Carlos Garcia Rawlins/File photo

China will launch an investigation into beef imports, the commerce ministry said on Friday, as the world's biggest meat importer and consumer grapples with an oversupplied market that has sent domestic prices to multi-year lows.

Any trade measures to try to reduce beef imports would hit China's largest suppliers, Brazil, Argentina and Australia.

China's total beef imports reached $14.2 billion in 2023, surging from $8.2 billion in 2019, customs data show. Brazil accounted for 42% of the total trade value, followed by Argentina at 15% and Australia at 12%.

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The inquiry will focus on fresh beef, cold beef, head of beef and frozen beef imported between Jan. 1, 2019 and June 30, 2024, the ministry said in a statement, adding that it followed an application by the China Animal Husbandry Association and other cattle and livestock groups.

The applicants said a sharp increase in import volumes over the period had "seriously damaged" China's domestic industry, the ministry said.

Beef imports in 2023 were almost 65% higher than in 2019, it said, with imports in the first half of 2024 more than double those in the first half of 2019.

The ministry said imports of the products under investigation accounted for 30.9% of the Chinese market.

Meat prices in China, including pork, beef, and poultry have declined as shoppers, grappling with a slowing economy, buy less.

"Most beef cattle farms in China are in a loss-making situation," the China Animal Husbandry Association was reported saying in a state media report. "The impact of a large amount of imported beef is undoubtedly adding insult to injury."

The price of beef has fallen to its lowest level in the last five years, and the price of live cattle has fallen to the lowest in the last 10 years, the association said.

Average wholesale beef prices have declined 22% to 59.82 yuan ($8.20) a kilogram in late December from 77.18 yuan two years ago, agriculture ministry data showed.

The Brazilian government said in a statement that it will work over the coming months to demonstrate that the beef Brazil exports to China is "complementary" to Chinese beef output and does not harm the Asian country's industry in any way.

"The Brazilian government reaffirms its commitment to defending the interests of Brazil's agribusiness while respecting the sovereign decisions of our top trade partner," it added.

FARMERS ASKED TO LIMIT HERDS

Beijing in June sought to contain prices by asking farmers to limit and optimise the size of their beef cattle herd, but prices remain in decline amid a surge in imports, particularly from Argentina.

Beef imports from the South American producer during the first 11 months of 2024 rose 10% from the same period in 2023 to 533,005 metric tons.

"The industry reflects that excessive beef imports have caused substantial damage to my country's beef cattle industry," China Animal Husbandry Association said in the report.

"The industry strongly calls on the country to take control measures on imported beef to protect farmers' livelihoods and the industry's security," it said.

China imported 2.6 million tons of the targeted beef products between January and November. In the calendar year 2019, China imported just 1.66 million tons.

The investigation is expected to conclude within eight months, although it could be extended in special circumstances. It is not targeted at specific countries or regions, does not distinguish the origin of products, and will not affect normal trade while under way, the commerce ministry said.

China is also considering trade restrictions on imports of dairy and pork from the European Union, although in those cases, the anti-dumping and anti-subsidy investigation are a tit-for-tat response against bloc's tariff plan for China-made electric vehicles, analysts have said.

Top News / World+Biz

Beef import / Brazil

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