China Fresh Whole Beef insights

Uruguayan beef exports recorded strong growth in May, marking a significant change in the order of main destinations.

In China, beef stock continues to decline and wholesale prices remain firm, while the U.S. Secretary of Agriculture has again suspended cattle imports from Mexico.

Nagalin stated that in 2024, Russia's meat exports increased compared to the previous year; by weight, exports grew by 27% to 876,000 tons, and by value, exports increased by 25%, exceeding $2 billion. Nagalin noted that exports grew in all major categories—poultry meat (16% growth), beef (22% growth), pork (42% growth), and processed meat (23% growth). Nagalin said that Russia's meat exports will continue to grow in 2025, with a year-on-year increase of 36% as of mid-May. He stated: "China remains the primary buyer of Russian meat products, accounting for nearly one-third of Russia's meat export revenue." Meanwhile, Nagalin noted that Russia's meat exports have diversified, now selling to 91 countries. Besides China, key markets include CIS countries, Saudi Arabia, Vietnam, Serbia, and Iran. Nagalin pointed out that in recent years, Russia has made significant progress in developing markets in Asian countries, primarily China, Vietnam, Hong Kong, and the Philippines. He said that the Russian Agricultural Export Center expects meat export revenues to reach approximately $3.9 billion by 2030, with around $1.5 billion from poultry and $1.3 billion from pork. He noted that mainland China and Hong Kong are among the most promising markets for Russian meat export growth. On March 18, the Russian Agricultural Export Center told Russian Sputnik News that, according to preliminary estimates, Russia's agricultural product exports to China in 2024 exceeded 8.3 million tons, with a total export value of around $7.4 billion. Among Russian exports to China, rapeseed oil ranked first at 13%, followed by barley at 10%, sunflower oil and peas at 8% each, and soybeans at 7%. China has been the main importer of Russian agricultural products for two consecutive years.