Far-reaching consequences for USMEF of Chinese currency changes
18/08/2015
In a statement following the currency developments, the US Meat Export Federation (USMEF) said the dollar was already at multi-year highs against the currencies of many major trading partners and competitors and that this disadvantage worsened when many of these currencies reacted to China’s move.
Hong Kong-based senior USMEF vice-president Joel Haggard, said that because US beef has no access to China at the moment, the industry’s immediate concern is “not necessarily direct meat trade with China”, but rather the impact on sales in other key export markets where purchasing power was “further diminished”.
Markets he mentioned in this context included South Korea, Taiwan and the Philippines, but he said even western hemisphere markets such as Mexico and Colombia could be affected.
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