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USDA ANALYSIS FORECAST RECORD BEEF EXPORTS, LED BY CHINA
Jul. 20, 2021
Agri-Pulse reports:
China's appetite for imported beef is voracious and will continue to grow in the years ahead, benefiting U.S. producers and exporters, according to an analysis by USDA's Foreign Agricultural Service.
China imported a record 1.3 million metric tons of beef, valued at $4.6 billion, in the first five months of 2021. U.S. beef exports to China grew dramatically in 2020 after the country removed trade barriers as part of the "phase one" trade pact with the U.S., and trade has continued to grow in 2021.
"The potential for growth in U.S. beef exports is strong in future years as China import demand is expected to grow more than 30% during the next decade," FAS says. "From January to May 2021, U.S. beef to China surged 13-fold in both exports and sales from the same period last year."
Overall U.S. beef exports are expected to reach a new record this year of more than 1.5 million tons, a 16% increase from last year.
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