USDA forecasts lower Chinese beef imports in 2023
Chinese beef imports should contract in 2023, mainly impacted by the weak economy there and by the uncertainty in the hospitality, hotel, and restaurant sector, caused by covid restrictions.
These are the main conclusions of a recent report from the office that the US Department of Agriculture has in Beijing.
USDA’s expectation is that 2.5 million tonnes of beef will be imported into China next year, down by 19% on what it projects for this year.
In addition, high international prices this year and next, as well as losses suffered by speculative importers in 2022, are also expected to affect import volumes in 2023. In 2022, importers paid historically high prices for beef just as covid lockdowns were imposed on major cities.
If the USDA forecast for 2023 is confirmed, it would be the first decline in China's annual beef imports since the strong upward trend began early last decade.
