According to the USDA's latest Global Agricultural Information Network (GAIN) report, China's imports of breeding swine and pork are expected to decline to 5,000 head and 1.85 million metric tons (MMT) in 2023, respectively, due to lower domestic hog and pork prices.

Consumer price sensitivity and competition among producers are expected to constrain pork and hog price increases, squeezing margins.

Strong carryover stocks of beef cattle from 2022 into 2023 will support an increase in cattle and beef production to 52.575 million head and 7.4 MMT, respectively.

Imports of cattle and beef are forecast to decline to 300 thousand head and 2.5 MMT, respectively, in 2023 on a less optimistic economic outlook, COVID-19 restrictions and uncertainty in the HRI sector, and tight global supplies.