June 17, 2020
Souring trade relations behind Australia's lower beef export forecast to China
Australia's chief commodity forecaster said the country has dropped its beef export forecast to China by 1.5% for the year 2020 / 2021, its biggest purchaser because of poor current trade relations, Reuters reported.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said China is projected to buy 227,000 tonnes of beef up to June 30 next year. In March, ABARES projected China to buy 230,000 tonnes of beef.
In May, China issued export suspensions for four of the biggest Australian beef exporters because of labelling issues. Australian government sources said the suspensions were imposed because of bilateral tensions after an independent inquiry was called on COVID-19's origins.
In 2017, the same labelling issues were reasons given by China on the export suspension for the same companies and two others. That suspension lasted several months.