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The economy of People’s Republic of China (PRC) is facing headwinds for the remainder of 2023 that should continue into 2024 even though officials are exploring various stimulus efforts.
FAS/Tokyo forecasts a drop in 2024 cattle inventory on greater slaughtering of dairy cows, slower calf production, and no live cattle imports in 2023 and 2024.
In April 2023, the Ministry of Agriculture, Forestry, and Fisheries (MAFF) implemented a special measure under the Compound Feed Price Stabilization System to augment feed compensation payments to livestock, poultry, and swine producers.
Beef and pork production in 2024 is forecast to increase due to stronger producer returns from lower feed prices, as well as increased domestic and international demand.
In 2022, the Egyptian government announced that feed costs increased by 40 to 45 percent. Beef prices also increased by 15 to 20 percent, discouraging per capita consumption. Prices are expected to continue increasing in response to the ongoing devaluation of the Egyptian pound and complex import procedures. Imports of Indian water buffalo increased to reach 150 thousand MT, while Brazilian beef imports are still limited.