Upward revision of Chinese beef imports
In its January update of world meat production, consumption, and trade projections, the United States Department of Agriculture (USDA) drastically changed its expectations for Chinese beef consumption and imports in 2023.
It explained that the upward revisions to forecasts stem in part from higher estimates for what the full-year figure for 2022 will be because fourth-quarter exports of red meat from the US to China were larger than expected.
“In 2023, the projected economic recovery, as well as the anticipated reactivation of the hotel, restaurant and institutional sector, support the expansion of red meat consumption and imports,” USDA said. “Beef imports are expected to grow in 2023, but the pace of shipments will slow as importers have product in cold storage that must enter the market before investing in additional purchases.”
It had projected a drop in beef imports to 2.8 million tonnes. It has now revised this upwards to 3.5 million tonnes, 75,000 tonnes more than it expects for 2022.
