INAC: US surpassed China as the main importer of meat from Uruguay in May
Even last month it was close to losing second place to the European Union, which recorded imports of US$39.96 million in the month, less than 1% below the amount of the Asian giant.
At 12,633 tons, according to INAC data, beef exports to China last month were the lowest since February 2020, at the beginning of the Covid 19 pandemic that was beginning to alter the flow of global trade. In the interannual comparison they were 43.5% tons less than in May 2023.
In both February and June 2020, the United States exceeded imports from China, two isolated months in a situation of uncertainty due to the pandemic, very different from what is observed today. China has relegated Uruguay as a supplier and the downward price trend has not stopped since mid-2022.
At the same time, the US increased demand due to its production difficulties, an opportunity to capture better prices for the local industry.
In the first five months of 2024, Uruguay exported 83,880 tons of beef to China, 27% less than a year ago and almost half than in 2022.
In the same period, shipments to the US grew by 66%, reaching 58,507 tons and fulfilling almost 60% of the quota with tariff advantages in that country.
The average price of meat exported to China was US$3,189 per ton, the lowest since December 2020. For its part, the US paid an average of US$4,122 per ton, the highest value in 2024.
A year ago the price gap between China and the United States was US$350 in favor of the US and in the last month it was almost US$950.
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