China continues to the main destination for Argentina beef exports, despite recent restrictions that reduced volumes. According to Argentine industry group Consorcio ABC, China typically accounted for 80% of beef exports prior to the restrictions on exports. This has fallen to 73% in Q1 2022.
Export volumes remain elevated, but off their peaks. Previous peaks in exports exceeded 50,000 tons of combined boneless and bone-in beef. Volumes now are closed to 30,000-40,000 tons per month. Prices have increased, with Q1 prices seen at $5,633/ton.
China’s Q1 2022 beef imports from China totalled 106,000 tons, this is down from 139,000 tons in Q1 2021.
Exports could face challenges in coming months as lockdowns and the rise of Omicron cases in China weighs on restaurant demand.