Argentina Halts Beef Exports for 30 Days Over Heavy Demand From China
The Argentina government announced its suspension of beef exports for 30 days on May 17, citing increasing demand from top-buyer China over recent years.
China’s, “temper tantrum” is affecting beef prices in Argentina.
China used to import most of it’s beef from Australia: But Australia’s negative comments about Chinas’ heavy handedness in “Hong Kong”, and because the Aussies dare to question the origins of Covid in China caused China to cut beef imports from Australia and lean instead on Argentina.
Argentina saw a 4% increase in beef prices due to this sudden increase and has stopped ALL exports until they can wrap their collective heads around the situation.
“Prices have experienced a sustained rise as a result of the growing demand for these products, mainly from Asian markets,” the Argentinian government said in the official gazette. “There is a price distortion that goes beyond the general inflation rate for food and prevents the normal supply of food products to consumers in the domestic market.”
The gazette added that the suspension would be lifted once the normal local supply of beef was assured at reasonable agreed prices.
consumer prices rose 4.1 percent last month, according to the INDEC national statistics bureau, outpacing private forecasts. Inflation in the first four months of the year now totals 17.6 percent. Annually, the rate is 46.3 percent.
Australia, accounted for 15.29 percent of total beef exports to China.
However, after Australia criticized the Chinese regime’s human rights issues in Hong Kong and Xinjiang and supported an independent investigation of the origins of COVID-19, the regime began to ban Australian beef exports to China, which started on May 12.
Argentina, a major exporter of beef in the world, had some 819,000 tons sent abroad in 2020, AFP reported.
Chinese media CRI.cn reported on Feb. 22 that in 2020, Argentina’s beef exports to China accounted for 75 percent of its total exports. China’s beef imports also set a record that year, reaching 2,118,300 tons, 70 percent of which came from Argentina.
Reuters contributed to this report