Last year, China bought a record amount of American beef, but it is still only a small fraction of its global purchase.
Analysts say that one reason is the U.S. high price tag. Only Canada’s beef is more expensive. Even with higher prices, Canada joins Brazil, Argentina, and New Zealand as China’s top suppliers.
In 2020, the U.S. made up less than 2 percent of China’s beef imports. The meat is one of the farm goods the country promised to buy more of under the Phase One deal.
Related:
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Great optimism around U.S. beef exports moving forward
U.S. beef is in the worst shape since 2003’s BSE crisis, but future looks bright
U.S. and Canada had big beef market numbers in January
