China's economic growth reached a record 18.3% in the first quarter of 2021, and this economic growth has led to an increase in beef imports

As of March, CHINA imported 623,947 tons of beef, with a growth rate of 20% over the same period last year. Canadian beef imports rose 143% year-over-year to 3,594 metric tons and $24.4 million in value. The total value of imports fell by 6% as prices returned to normal compared to the same period in 2020.

US beef imports increased by 629% in the first quarter. US imports replaced Australia's market share, which saw a 48% decline in imports over the same period. The US has also received EXPORT accreditation for 31 more beef plants. In April, prices for beef, especially for grain cattle, rose by 10-20% compared to the previous month. 

Prices for grain-fed beef in Hong Kong, especially beef from the US, are rising due to the shortage. Prices for popular beef cuts such as rib-eye and striploin are up 15-20% compared to April 2020. As of March, Canadian beef imports fell 19%, while US beef imports fell 15% and Australia 21%. .

In Hong Kong, the government has loosened social distancing policies as the pandemic appears to be under control. With the implementation of the massive vaccination plan, the quarantine policy between Hong Kong and the mainland is expected to be relaxed. This will benefit tourism and Hong Kong's economy as a whole. Hong Kong's first-quarter beef imports were 146,434 tons, down 2% from last year. With further easing of covid-19 restrictions and a slow recovery in catering sales, demand for imported beef is expected to pick up. However, given the recession in the local economy, there remains uncertainty about the growth of Hong Kong's beef imports.