Asian economic recovery positive for U.S. meat exports
By Carol Ryan Dumas, Capital Press
Nov 17, 2020
The COVID-19 pandemic’s effects on the global economy will impact U.S. meat exports in 2021, a consultant says.
The worldwide economy is expected to contract 3% in 2020 with a lot of variations, said Anja Manuel, a consultant on international markets and a former U.S. State Department diplomat.
“The world economy will be roiled for at least another six to nine months by COVID," she said during a U.S. Meat Export Federation strategic planning conference.
Some regions will recover rather quickly while others will be sluggish. Asia will be one of the fastest regions to recover, but Latin America’s recovery will be very sluggish, she said.
“Generally, those countries that implemented early, aggressive steps to control the pandemic are emerging stronger,” she said.
Despite the pandemic, the economy in China and India are projected to grow in 2021. The economies in Hong Kong, Vietnam, Malaysia and South Korea are down a little this year but are expected to bounce right back, she said.
The economy is expected to grow 9.2% in China next year and 7.4% in India. The economies in Indonesia, Malaysia, Singapore, Japan and South Korea are doing really pretty well, Manuel said.
Looking more closely at China, its economy was growing about 6% annually before the pandemic and it should continue to be a promising market for U.S. meat, she said.
China is the fastest-growing import market for beef. Oceania and South America have been the dominant suppliers, but there’s room for the U.S. and maybe other suppliers as well, she said...