Argentinian beef goes for another record year in exports
The latest USDA report regarding the global beef market predicts another record year for Argentinian beef due to increased demand from China and a week currency rate. Last year, almost 75% of Argentinian beef exports were shipped to China and the trend will be maintained this year. Compared with July 2019, this year China's beef imports have increased by 19% (423,000 tonnes) absorbing 30% of the world's beef exports. Beef production in Argentina is expected to reach 760,000 tonnes cwt in American standard measurements, which translates in 840,000 tonnes in Argentinian standard measurement.
An increase in beef exports is also foreseen for Brazilian, European and Mexican producers, which are expected to add between 35,000 tonnes and 50,000 tonnes to the export volumes reported last year. On the other hand, Canada and the US may reduce their shipments due to disruptions in the supply chain created by the coronavirus crisis. Besides China, the US and Hong Kong are expected to increase their imports by 44,000 tonnes and 30,000 tonnes respectively, while Japan and South Korea may reduce their demand with 20,000-25,000 tonnes each.
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