China Is Eating More Beef Than Ever Now That Pork Is So Expensive

(Bloomberg) -- China’s beef imports soared to a record last month as a surge in pork prices because of African swine fever spurs consumers to look for alternative meats.

• Beef purchases jumped 83% to 152,213 tons in July from a year ago, according to Chinese customs data. Imports of pork also surged, rising 107% on the year to 182,227 tons.

Key Insights

• Chinese consumers may continue to eat more beef and other meats after wholesale pork prices in the country hit a record this month.
• Consumption of beef has also been on a rising trend thanks to increasing household incomes.
• Pork supplies in China may remain tight, with hog herds down about 32% as of last month, while the number of breeding sows dropped by about the same percentage. Pig numbers have tumbled as the deadly hog virus ravages farms.

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• China boosted imports of sugar in July by 78% to 440,000 tons versus a year ago.
• Edible palm oil purchases also surged, more than doubling to 500,000 tons last month.

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