English | 简体中文 | 繁體中文 | 한국어 | 日本語
Saturday, 27 March 2021, 09:00 HKT/SGT
Share:
Australian Beef Companies Become Victims of Australian Government's Political Crisis
Commentary by Scott Albert.

*The following is an editorial and represents the opinions of the author only.

SYDNEY, Mar 27, 2021 (ACN Newswire) - In the past two years, Australian beef exporters have become victims of the trade war due to the acute worsening of trade relations between China and Australia. China stopped importing beef products from five Australian beef companies, four of which produced and exported 35% of the market from Australia to China. In August 2020, prohibited antibiotics were detected in imported beef, leading Chinese Customs to take action against the fifth beef company to be suspended.

The Chinese market has always been an important market for Australian beef products. Statistics show that in 2019, the exports of Australian beef products to China valued AUD2.87 billion (approximately RMB 13.9 billion), accounting for 24% of total export of Australian beef products. In 2019, China's beef products import amount surpassed the United States by 17.04% of the world's total beef imports and became the world's largest beef importing country. In other words, Australian beef exporters will suffer heavy losses if putting the Chinese market aside, which is however seemingly inevitable in current situation.

Before June 2015, Australia had been China's largest beef products exporting country. In recent years, its market share in China has been declining, to be surpassed by Brazil and Argentina. In 2019, China retained its position as the largest importing country of Brazilian beef products. Uruguay in the meantime is also expanding its market share and has now surpassed Australia to become the fourth largest beef exporting country. Australian media reported the share of Australian beef products imported by China had slumped to 15.8% during the first 6 months of 2020.

According to the AMIC, the decline of beef products exports to China in 2020 was underestimated by Australia at the beginning; instead, Australia once expected to rely on other countries including Indonesia, Japan, South Korea, Vietnam and India to reduce its dependency on the Chinese market. However, according to a scholar of the University of Technology Sydney, these countries are not all among Australia's top ten trading partners, many of which have not even concluded a free trade agreement, and there is no other option to be selected to have the trade value closer to that of with China. The fact makes Australian beef exporters worried very much as Australian beef is likely to be ruled out from the Chinese market permanently and completely.

It is not difficult to see that the timing between Australia's beef exports to China encountering a series of problems and the Australian government's launching a new coronavirus traceability investigation against China directly coincide with each other. The Australian government's inappropriate remarks on China and the COVID-19 global public health crisis lend reason to the tensions between China and Australia, while the Australian beef exporters have become the latest casualties in this ongoing political crisis.

Author: Scott Albert
Email: [email protected]
Scott Albert has been working as an editor of Expert feature news. His work covers economic, social, political and legal affairs. He has been recognized for his professionalism and awarded several times. More recently as an independent or working together with researchers he has delivered a number of public and internal reference reports, known as a representative and senior specialist in internet communications.

Topic: Press release summary
Source:

Sectors: Agritech, Food & Beverage, Local Business, Government
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2021 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Latest Press Releases
Scalpex Launches DeFi Futures for Intraday Trading  
May 12, 2021 20:00 HKT/SGT
MHI Thermal Systems Confirms Effectiveness of Air Purification Filtering Technology for Removal and Inactivation of SARS-CoV-2  
May 12, 2021 11:17 HKT/SGT
Collaboration with South Pole to Generate and Sell Carbon Credits from Carbon Removal Technologies  
May 12, 2021 11:02 HKT/SGT
Fujitsu Signs Strategic Collaboration Agreement with AWS to Accelerate Digital Transformation in the Mobility Industry  
May 12, 2021 09:51 HKT/SGT
NutryFarm Ventures Into Singapore's Durian Market with Established Singapore E-Commerce Company, Ebuy  
May 12, 2021 08:01 HKT/SGT
Duet Protocol closes first-round funding at US$3 million  
May 12, 2021 03:00 HKT/SGT
Mitsubishi Power Receives Turnkey Order for 50MW Woody Biomass-fired Power Generation Facility  
May 11, 2021 17:39 HKT/SGT
Finance, Technology and Off-taker Deployment Themes of Solar & Storage Finance Asia  
May 11, 2021 16:55 HKT/SGT
Nissin Foods Delivers Stable 2021 Q1 Financial Results   
May 11, 2021 13:11 HKT/SGT
Eisai's Statement of Commitment for Carbon Neutrality by 2040  
May 11, 2021 09:00 HKT/SGT
More Press release >>
 Events:
More events >>
Copyright © 2021 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6653 1210 | Tokyo: +81 3 6859 8575