China’s Weak Beef Market Poses Risks for Top Supplier Brazil
- Beef prices paid by Chinese dropped last year on weaker demand
- More than half of Brazil’s beef exports went to China in 2023
A worker walks past cattle carcasses at a slaughterhouse in Sao Felix do Xingu, Brazil.
Photographer: Jonne Roriz/BloombergThis article is for subscribers only.
China’s beef imports are dwindling amid slowing consumption and ample domestic supply, dealing a blow to its biggest supplier Brazil.
Official data show the value of China beef imports fell last year for the first time since at least 2016, with prices plunging to the lowest level in almost three years. Import volumes are seen dropping 4% this year, ending 12 straight years of meteoric rise, according to the US Department of Agriculture.