China Records Largest U.S. Beef Purchase in History

HONG KONG – China’s foodservice sector is rebounding from COVID-19 restrictions imposed earlier this year, according to Joel Haggard, U.S. Meat Export Federation (USMEF) senior vice president for the Asia Pacific based in Hong Kong. “During the most recent reporting week (ending Aug. 6), new U.S. beef sales to China exceeded 1,900 tons, so that’s getting close to a hundred containers of the product being sold to China in just one week — the largest weekly sales ever,” Haggard said. The new red meat trade provisions of the U.S.-China Phase One Economic & Trade Agreement, which were implemented in late March, extended eligibility for export to China to a larger share of the U.S. cattle herd. In addition, China continues to reel from the impact of African swine fever on the country’s hog herd. Last, Australia, which is the number one grain-fed beef competitor of the U.S., is facing tight cattle supplies and higher prices. The country is also under a temporary tariff exclusion system which makes U.S. beef cuts more price-competitive in China.
(SOURCE: U.S. Meat Export Federation)