Australia has lowered its forecast for beef exports to China, its largest buyer, by 1.5% for the 2020/21 season, the country’s chief commodity forecaster said on Tuesday, as trade relations sour, reported Reuters.
The Australian Bureau of Agricultural and Resource Economics and Sciences said it now expects China to buy 227,000 tons of beef in the year to June 30, 2021, compared with 230,000 tons in its March estimate. That would amount to 30% less than in the year earlier period.
The lower forecast comes after China in May suspended exports for four of Australia’s largest beef exporters, citing labeling issues. Australian government sources have said recent bilateral tensions are likely behind the suspension.
