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China's Ministry of Commerce announces anti-dumping probe on EU pork and by-products

China's Ministry of Commerce announces anti-dumping probe on EU pork and by-products

TraderKnowsTraderKnows
2024-06-17
Summary:On Monday, China's Ministry of Commerce announced an anti-dumping investigation into imported pork and by-products from the European Union, in response to the EU's tariff increase on Chinese electric vehicles.

China has initiated an anti-dumping investigation on imported pork and its by-products from the EU, primarily targeting Spain, the Netherlands, France, and Denmark, in response to the EU's restrictions on Chinese electric vehicle exports.

The Ministry of Commerce of China announced this investigation on Monday, focusing on pork meant for human consumption, such as fresh, frozen, and chilled whole cuts, as well as pig intestines, bladders, and stomachs. The investigation will commence on June 17.

The Ministry stated that the investigation was launched following a complaint filed by the China Animal Husbandry Association on behalf of the domestic pork industry on June 6.

Global food companies have been on high alert for potential retaliatory tariffs from China ever since the European Commission announced on June 12 that it would impose countervailing duties of up to 38.1% on imported Chinese cars starting in July, sparking concerns fueled by reports in Chinese state media.

The state-supported Global Times first reported late last month that a certain "industry insider" disclosed plans by Chinese companies to request authorities to conduct an anti-dumping investigation on certain European pork products. The newspaper followed up with another report on June 8, urging officials to investigate European dairy imports as well.

Chinese authorities had previously hinted at possible retaliatory measures through comments in state media and interviews with industry insiders.

According to customs data, China imported pork and by-products worth $6 billion in 2023, with the EU accounting for more than half of that amount.

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The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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