Japan: Livestock and Products Annual
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FAS/Tokyo forecasts a drop in 2024 cattle inventory on greater slaughtering of dairy cows, slower calf production, and no live cattle imports in 2023 and 2024. Beef production in 2024 will be down as well. Inflation is hitting retail sales of beef although consumption in the food service sector by increasing foreign visitors will help power through the dampening effect of inflation. FAS/Tokyo projects Japan’s high carcass prices and strong domestic retail demand will drive greater pork production. For certain prepared pork products, recently lowering of tariffs under Japan’s major economic partnership agreements further incentivizes imports.
