(Bloomberg) -- China’s beef imports soared to a record last month as a surge in pork prices leads consumers to look for alternative meats.
- Beef purchases jumped 83% to 152,213 tons in July from a year ago, according to Chinese customs data. Imports of pork also surged, rising 107% on the year to 182,227 tons.
Key Insights
- Chinese consumers may continue to eat more beef and other meats after wholesale pork prices in the country hit a record this month.
- Consumption of beef has also been on a rising trend thanks to increasing household incomes.
- Pork supplies in China may remain tight, with hog herds down about 32% as of last month, while the number of breeding sows also dropped by about the same percentage.
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- China boosted imports of sugar in July by 78% to 440,000 tons versus a year ago.
- Edible palm oil purchases also surged, more than doubling to 500,000 tons last month.
To contact Bloomberg News staff for this story: Niu Shuping in Beijing at nshuping@bloomberg.net
To contact the editors responsible for this story: Anna Kitanaka at akitanaka@bloomberg.net, James Poole
©2019 Bloomberg L.P.
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