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Australia beef exports to China cut as trade tensions escalate
Australia has lowered its forecast for beef exports to China by 1.5 per cent for the 2020/21 season due to ongoing trade tensions between the two countries.
China is expected to buy 227,000 tonnes of beef in the year to June 2021, 30 per cent less than in the year earlier period.
It comes after China suspended exports of four of Australia’s largest beef exporters, with labelling issues highlighted.
Reuters reported Australian government sources who said recent bilateral tensions were likely behind the suspension.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said Australian wheat exports would jump to 16.5 million tonnes during the 2020/21 season.
ABARES recently increased its wheat production estimate by 25 per cent as its devastating three-year drought comes to an end.
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