TheBeefSite.com - news, features, articles and disease information for the beef industry

News

Beef Imports from Australia Grow Rapidly, Aided by Preferential Lower Tariffs

19 August 2019

CHINA - China has substantially increased beef imports from Australia in the first seven months of 2019, reaching the yearly imports quota under the free trade agreement between the two countries four months earlier than expected.

The bilateral free trade trade talks may be accelerated as China's domestic market continues to expand and the country is seeking more trade partners to oppose unilateralism and protectionism amid the trade war with the US, according to experts.

More imports from Australia are likely to enjoy a lower tariffs and a higher quota soon, experts said.

China's beef imports from Australia have topped 172,411 tons, exceeding the yearly quota on August 15 by 170,000 tons for 2019 under the agreement between the two countries, according to a note issued by the General Administration of Customs (GAC) on Monday.

Beef imports from Australia will be levied at the most-favored-nation tariff rate from August 17, said the note.

Although the beef exports from Australia exceeding the quota in 2019 will be levied at the most-favored-nation tariff rate, which is higher than the tariff rate under China and Australia's free trade agreement, the quota is expected to be lifted and the beef may enjoy a lower tariff in the future, Li Guoxiang, a research fellow at the Rural Development Institute of the Chinese Academy of Social Sciences, told the Global Times on Monday.

In 2018, the yearly quota was reached on December 27, generally in line with the original plan. Beef imports from Australia accounted for about 17 percent of China's total beef imports - 1.04 million tons that year.

To continue reading this article, please click here.

Source: Global Times

TheCattleSite News Desk

Top image via Shutterstock



Partners


Seasonal Picks

Cattle Lameness and Hoofcare 3rd Edition