American beef exports to China plunged to the lowest level in five years for the month of June. (Luke Sharrett/Bloomberg)
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China will extend a probe into beef imports, which was originally slated to be completed this month, until late November.
The extension was announced Aug. 6 by the Ministry of Commerce. China is the world’s top buyer of the meat, which means its imports are tracked closely by the global market.
The country’s overseas purchases have climbed in recent years, alongside rising domestic production as the government urged farmers to raise more cattle at home. That’s strained the local industry as a slowing economy now pushes consumers to cut back, leaving supplies piling up in freezers. Wholesale beef prices fell to the lowest since 2019 earlier this year.
Shares of major meatpackers including JBS SA and Marfrig Global Foods SA had dropped when the probe began late last year, with Beijing signaling at the time it was likely to be completed within eight months. Brazil, Australia and Argentina rank among the countries that supply beef to China.
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The probe has added to President Donald Trump’s trade war, sending American beef exports to China plunging to the lowest level in five years for the month of June, according to data from the U.S. Department of Agriculture.
“Lack of access to China not only results directly in lost business and missed opportunities, but the U.S. beef industry is also losing the premiums generated when Chinese buyers compete for cuts that are especially popular throughout Asia,” the U.S. Meat Export Federation, a trade group, said in a statement Aug. 6.
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