Argentina keeps beef export ban in place until 2024
Argentina decided to ban several beef cuts from export until the end of 2023. The Argentine government altered a previous ban to place an export ban on roughly 23% to 25% of the country's total beef production. The government lifted the export ban on D and E classified beef cuts, the cuts most commonly imported by China. The ban is likely a reaction to a 20% increase in beef prices in 2021, as the global economic recovery drove up food prices. Argentina's populist government enacted a sweeping ban on beef exports in an effort to keep domestic prices low in May 2021. Argentina is the world's fifth-largest beef exporter and more than 70% of the beef production in 2020 was shipped to China.
Now, with authorities prohibiting exporters from shipping full cattle carcasses and half carcasses, among other categories, for the next two years the share in the Chinese market is expected to become smaller.
Other top beef-exporting countries such as Australia, Brazil and the United States will likely see marginal gains as Argentina's extended export ban causes its top importers to look elsewhere. In 2021, Uruguay was one of the beef suppliers in the Chinese market that benefitted from this situation.
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