China meat import is surging

Beef imports are up 43% for the year-to-date, with Brazil and Argentina the top two suppliers to the market. Australian exports to China have softened, with South American nations picking up the shortfall. Relative to the five-year average (2015–19), Brazil and Argentina have grown their market share to 35% and 22% respectively, while Australia’s share has contracted from 19% down to 16% this year. With an increasing reliance on South American suppliers, combined with Australia’s supply contraction, this shift in China market share is unsurprising.