Beef prices plunge in China as demand wavers
Beef imports
Wavering consumer demand in China is spilling to the plates. Beef prices in the country are at a five-year low amid a slowing economy. This comes as the government pushes farmers to raise production and open the door for more imports.
According to Bloomberg, the wholesale prices have dropped 18 per cent from last year's peak to around $8.53 a kilogram. The industry is urging local authorities to provide subsidies to boost the market.
Food security is a major concern for the government, which is facing a multi-faceted economic slowdown. A spiralling property crisis, falling domestic demand and trade tensions with the US and the EU have halted China's economic juggernaut.
Economic pressures have pushed the Chinese government to speed up stimulus. In agriculture, the government is supporting a variety of sectors from livestock to grains. China faces the tricky challenge of stabilising production and helping farmers as imports rise.
China's 'beef' diplomacy
Bloomberg data shows that China's beef imports advanced 23 per cent in the first five months of 2024. This is reportedly to boost relations with countries including Spain and Brazil by giving them more market access to luxury products. Beef is a relatively luxurious eating option in China. It costs almost thrice as much as pork and is the usual choice of meat.
&im=FitAndFill=(700,400))
National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides
)
The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS
)
Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent
)
India names 27 sites in Arunachal Pradesh
)
Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?
&im=FitAndFill=(700,400))
How many soldiers operate one S-400 battery?
)
Shakib Al Hasan ready to return to Bangladesh—under one condition
)
‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal
)
Rockstar to unveil GTA 6 extended look ahead of November launch
)
Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine
)
Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states
)
Technology transfer deal boosts India's defence manufacturing ambitions
)
Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy
)
Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS
)
'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia
)
Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside
)
Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift
&im=FitAndFill=(700,400))
New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more
)
Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot
)
RSS says Gen Z protests reflect genuine distress
)
Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'
)
IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act
)
Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott
&im=FitAndFill=(700,400))
Why the Su-30MKI doesn't need external fuel tanks to fly vast distances
)
Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation
)
New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know
)
India officially names 27 places in Arunachal to counter China's renaming claims
)
Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed
)
US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance
&im=FitAndFill=(700,400))
Why the Su-30MKI is one of the heaviest fighters ever built
)
Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH
)
Chilling video shows students take cover as teen opens fire at Thai school
)
Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report
China's beef market has been growing in output and consumption. In 2023, China produced 7.5 million tonnes of beef and increased imports to match the growing demand (11 million tonnes). Now, the demand is easing, expected to be just 0.4 per cent in 2024.
Demand woes in China go beyond beef. The second-largest economy in the world is facing a demand slump post-COVID. Major food retailers have reported a drop in sales as frozen stockpiles floodgodowns. This production glut is across industries, with major nations currently probing the influx of 'cheap Chinese goods'. Indonesia is reportedly planning tariffs to protect its textile industry from Chinese imports.