Rabobank: Chinese Make Up Bigger Beef Market Share22 April 2013
URUGUAY – Beef trading has received a welcome boost thanks to increased uptake from the Chinese market.
This is according to Rabobank who, in their review of beef global beef sector for the first quarter of 2013, said sales of Uruguayan beef to China rocketed 260 per cent year on year.
Chinese first quarter shipments were at 17 per cent of total beef exports which Rabobank announced was down 2 per cent overall.
Less buying from Russia, Israel and Venezuela countered Chinese demand. This has resulted in beef companies seeing similar margins to quarter one in 2012 as 60 per cent of Uruguayan beef is exported.
Both domestic and export prices have been above last year’s levels, around 4 and 3 per cent respectively.