China approves 25 Brazilian meat processing units for exports

Brazil
Published:  11 September, 2019

Brazil’s Ministry of Agriculture said the Chinese authorities have cleared 25 meat plants in Brazil for exports, including units from companies such as Marfrig, Minerva and BRF.

Exports can be carried out with immediate effect. Of the 25 units cleared, 17 are producers of beef. Corporate stocks were reported to be trading higher after the announcement made on September 9, with Minerva’s shares up 5%, Marfrig up by 3% and BRF by 2.89%. Other companies on the list released by the Chinese authorities include Redeemer, Masterboi and Naturafrig Food. The number of companies from Brazil authorised to export meat to China now stands at 89, up from the previous 64. Yang Wanming, Chinese Ambassador to Brazil, said China expects to double its beef consumption by 2026 and that the Chinese government will seek to lower customs tariffs and institutional export costs in a bilateral relationship with Brazil.