China’s Lockout Weighed on Beef Results

Beef export volume was the lowest in five years, due in part to China’s failure to renew registrations for the vast majority of U.S. plants.

Beef exports totaled 93,928 mt in June, down 15% from a year ago and the lowest since June 2020. Export value was $769 million, down 18% and the lowest in 17 months. For January through June, beef exports were 6.5% below last year’s pace at 602,221 mt, while value fell 6% to $4.92 billion. “The June export results really underscore the urgent need to resolve this impasse with China,” said USMEF President and CEO Dan Halstrom.

“China’s tariff rate on U.S. beef is currently 32% – which is too high, but not insurmountable. The problem is, with only a few plants eligible to ship to China, the tariff rate becomes irrelevant. Consistent and transparent plant approvals, without expiration, were among the most important components of the 2020 Phase One Agreement with China, and it’s time for China to return to those commitments.”

Source: USMEF

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