Beef Prices in China

China Beef Import Price in September 2022

In September 2022, the beef price stood at $6,787 per ton (CIF, China), waning by -1.8% against the previous month. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in May 2022 an increase of 4.3% m-o-m. The import price peaked at $7,105 per ton in July 2022; however, from August 2022 to September 2022, import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was the United States ($9,787 per ton), while the price for Uruguay ($5,287 per ton) was amongst the lowest.

From January 2022 to September 2022, the most notable rate of growth in terms of prices was attained by Belarus (+1.5%), while the prices for the other major suppliers experienced more modest paces of growth.

China Beef Import Prices by Type

There were significant differences in the average prices amongst the major supplied products. In September 2022, the product with the highest price was meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), fresh or chilled ($23.6 per kg), while the price for meat; of bovine animals, carcasses and half-carcasses, frozen ($2,600 per ton) was amongst the lowest.

From January 2022 to September 2022, the most notable rate of growth in terms of prices was attained by meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), frozen (+0.3%), while the prices for the other products experienced more modest paces of growth.

China Beef Imports

In September 2022, after four months of growth, there was significant decline in supplies from abroad of beef (cattle meat), when their volume decreased by -9.2% to 248K tons. In general, total imports indicated strong growth from January 2022 to September 2022: its volume increased at an average monthly rate of +6.4% over the last eight-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on September 2022 figures, imports decreased by -9.2% against August 2022 indices. The pace of growth was the most pronounced in March 2022 with an increase of 29% against the previous month. Over the period under review, imports reached the maximum at 273K tons in August 2022, and then declined in the following month.

In value terms, beef imports contracted to $1.7B (IndexBox estimates) in September 2022. Overall, total imports indicated a buoyant expansion from January 2022 to September 2022: its value increased at an average monthly rate of +7.4% over the last eight months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on September 2022 figures, imports decreased by -12.3% against July 2022 indices. The pace of growth appeared the most rapid in March 2022 when imports increased by 28% m-o-m. Imports peaked at 1.9M tons in July 2022; however, from August 2022 to September 2022, imports stood at a somewhat lower figure.

China Beef Imports by Type

In September 2022, meat; of bovine animals, boneless cuts, frozen (210K tons) constituted the largest type of beef supplied to China, with a 85% share of total imports. Moreover, meat; of bovine animals, boneless cuts, frozen exceeded the figures recorded for the second-largest type, meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), frozen (33K tons), sixfold. Meat; of bovine animals, boneless cuts, fresh or chilled (5.6K tons) ranked third in terms of total imports with a 2.2% share.

From January 2022 to September 2022, the average monthly rate of growth in terms of the volume of import of meat; of bovine animals, boneless cuts, frozen totaled +9.1%. With regard to the other supplied products, the following average monthly rates of growth were recorded: meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), frozen (-2.8% per month) and meat; of bovine animals, boneless cuts, fresh or chilled (+0.5% per month).

In value terms, meat; of bovine animals, boneless cuts, frozen ($1.5B) constituted the largest type of beef supplied to China, comprising 89% of total imports. The second position in the ranking was held by meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), frozen ($115M), with a 6.8% share of total imports. It was followed by meat; of bovine animals, boneless cuts, fresh or chilled, with a 4.1% share.

China Beef Imports by Country

In September 2022, Brazil (112K tons) constituted the largest beef supplier to China, accounting for a 45% share of total imports. Moreover, beef imports from Brazil exceeded the figures recorded by the second-largest supplier, Argentina (46K tons), twofold. The third position in this ranking was taken by New Zealand (21K tons), with an 8.6% share.

From January 2022 to September 2022, the average monthly growth rate of volume from Brazil stood at +29.7%. The remaining supplying countries recorded the following average monthly rates of imports growth: Argentina (+3.1% per month) and New Zealand (+2.1% per month).

In value terms, Brazil ($783M) constituted the largest supplier of beef to China, comprising 46% of total imports. The second position in the ranking was held by Argentina ($255M), with a 15% share of total imports. It was followed by the United States, with an 11% share.

From January 2022 to September 2022, the average monthly rate of growth in terms of value from Brazil stood at +31.3%. The remaining supplying countries recorded the following average monthly rates of imports growth: Argentina (+3.5% per month) and the United States (+4.7% per month).

Source: IndexBox Market Intelligence Platform