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(Bloomberg) – Shares of Brazilian beef corporations are falling after a U. S. report is falling. The U. S. Treasury department will show that China drastically reduced red meat imports.
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The Asian nation, which depends on Brazil for a significant portion of its beef, will buy 19% less on world markets next year as its economy struggles under strict COVID-19 prevention measures, the U. S. Department of Agriculture said Thursday. U. S. in a report.
JBS SA, the world’s largest meat producer, fell as high as 6 on Thursday in Sao Paulo, the intraday high in about a year. Marfrig Global Foods SA and Minerva SA fell more than 6%.
The report comes as beef markets have been in crisis since the Covid-19 pandemic disrupted chains and raised costs for consumers around the world. Import costs of Chinese beef rose about 37% in the first part of 2022, the USDA said.
While all Brazilian meatpackers will be greatly affected by any drop in Chinese consumption, Minerva is the maximum exposed. China accounts for about 35% of Minerva’s revenue, and the company’s total exports are expected to decline to four in 2023, according to Leandro Fontanesi. analyst at Bradesco BBI.
Brazil accounted for 38% of China’s beef imports through July this year. China bought about 60% of all Brazilian beef exports in the same period.
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