Chinese sheepmeat imports have recovered in the first four months of 2023, increasing by 21%, or 20,100t, to reach 115,300t.
This is a welcome development, but imports still remain behind 2021 levels, with the Agriculture and Horticulture Development Board's (AHDB) trainee analyst Tom Price citing that the increase has come from a "small base", with COVID-19 restrictions in the country having a big effect on the red meat trade in 2022.
This has witnessed pressure on red meat prices over the last year, as reflected in the price chart.
Chinese sheepmeat prices have been effected by higher inventories of sheepmeat and demand continued to be tempered by the ongoing consequences of stringent COVId-19 restrictions.
Chinese wholesale sheepmeat is currently trading at 67 Yuan, equivalent to approximately €8.50/kg.
A huge recovery in pork supplies is also providing consumers with alternative options at a significantly lower cost than beef and sheepmeat.
Price predicts: “For sheepmeat, we could see the easing prices maintained as growth in demand is slow and unlikely to grow further during the summer months with inventories running high.”
This is underpinning a pessimistic outlook for the summer months, with the AHDB analyst stating “for sheepmeat, high inventories and limited demand are likely to limit sheepmeat imports”.
Chinese sheepmeat imports have recovered in the first four months of 2023, increasing by 21%, or 20,100t, to reach 115,300t.
This is a welcome development, but imports still remain behind 2021 levels, with the Agriculture and Horticulture Development Board's (AHDB) trainee analyst Tom Price citing that the increase has come from a "small base", with COVID-19 restrictions in the country having a big effect on the red meat trade in 2022.
This has witnessed pressure on red meat prices over the last year, as reflected in the price chart.
Chinese sheepmeat prices have been effected by higher inventories of sheepmeat and demand continued to be tempered by the ongoing consequences of stringent COVId-19 restrictions.
Chinese wholesale sheepmeat is currently trading at 67 Yuan, equivalent to approximately €8.50/kg.
A huge recovery in pork supplies is also providing consumers with alternative options at a significantly lower cost than beef and sheepmeat.
Price predicts: “For sheepmeat, we could see the easing prices maintained as growth in demand is slow and unlikely to grow further during the summer months with inventories running high.”
This is underpinning a pessimistic outlook for the summer months, with the AHDB analyst stating “for sheepmeat, high inventories and limited demand are likely to limit sheepmeat imports”.
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