Black Friday Sale! Save huge on InvestingProGet up to 60% off

Japan imports of US frozen beef drop by a quarter after tariff hike

Published 29/09/2017, 01:44 pm
© Reuters.  Japan imports of US frozen beef drop by a quarter after tariff hike

TOKYO, Sept 29 (Reuters) - Japanese imports of U.S. frozen beef fell by more than a quarter in August after Tokyo hiked tariffs on such shipments as it tries to protect local farmers, data from the country's agriculture ministry showed on Thursday.

But that helped prompt a nearly 55-percent surge in shipments of U.S. chilled beef as buyers looked for substitutes, meaning overall imports of the meat from the United States were up by around a fifth.

Japan said in July that between Aug. 1 and the end of March next year, tariffs on U.S. frozen beef imports would jump to 50 percent from 38.5 percent, as a "safeguard" mechanism was triggered to help domestic producers. of U.S. frozen beef slid to 4,317 tonnes in August, down 26 percent from a year ago, the trade data showed.

Japan's import of chilled beef from the United States surged 54 percent in August from the year before, boosting overall U.S. beef shipments by more than 20 percent to 18,038 tonnes.

Meanwhile, August imports of frozen beef from Australia rose 30 percent to 15,010 tonnes as some buyers looked for an alternative source for frozen meat.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.