May 28, 2013

China's beef imports hit record high in March

In March 2013, China's beef imports reached their highest monthly volumes on record, totalling 21,711 tonnes swt, up from only 1,710 tonnes swt during March 2012.

The record monthly imports contributed to total Chinese beef imports during the first quarter of 2013 hitting 49,632 tonnes swt - an 810% rise on the corresponding period in 2012 (5,451 tonnes swt).

Assisted by the surge in imports of Australian beef during March, at 11,379 tonnes swt, China imported a total of 23,869 tonnes swt of beef from Australia during the first quarter of 2013, which accounted for almost half (48%) of the total Chinese imported beef market share during the quarter. Australia dominated the Chinese chilled beef import market share for the quarter, totalling 2,290 tonnes out of 2,298 tonnes swt.

Chinese national average red meat prices during April were relatively steady from the previous month, with boneless beef and bone-in sheep meat prices averaging RMB57.70 (US$9.42) per kilogramme and RMB60.70 (US$9.91) per kilogramme, down 1% from last month. In contrast, chicken carcase prices dropped for the third consecutive month, with the April prices down 10% on last month at RMB16.42 (US$2.68) per kilogramme.

Boneless pork retail prices during April averaged RMB22.25 (US$3.63) per kilogramme - another 8% fall on last month and 16% on the start of the year. Pork is the most popular meat protein in China, with its per capita consumption during 2012 forecast at RMB37.1 (US$6.06) per kilogramme per person. Reportedly, the Chinese government will launch a plan to purchase pork soon, in an aim to stabilise pork prices and increase producers' confidence.