Argentina said on Tuesday that it will resume allowing cattle farmers to freely export beef to China and cancel restrictions that were implemented earlier this year and caused tensions with the agricultural sector.
The government previously restricted beef exports to 50% of normal exports to curb rapidly rising prices, causing farmers to protest and threaten to stop local cattle and grain trade.
Argentina is the world’s fifth largest beef exporter, while China is the world’s largest beef consumer. According to official data, about 75% of Argentina’s beef exports in 2020 will go to China.
Argentina is currently in urgent need of foreign exchange, and agricultural exports are the main source of foreign exchange earnings.
“Regarding the issue of exporting beef to China, we will restart exports from Monday,” Argentine Minister of Agriculture Julian Dominguez said after a meeting with the heads of the four major agricultural associations.