AAC 1.43% $1.38 australian agricultural company limited.

Six Australian companies hit with China meat export bans Six...

  1. 207 Posts.
    lightbulb Created with Sketch. 9
    Six Australian companies hit with China meat export bans

    Six Australian meat companies have been barred from selling beef and lamb to China, raising concerns about the reliability of Australia’s $750 million meat export trade with the Asian powerhouse.
    The temporary bans are linked to meatworks in specific locations across three states, with Chinese import authorities imposing the bans because labels “did not comply” with paperwork.
    But it is feared the meat export bans are tit-for-tat retaliation for Australia’s decision earlier this year to ban all imports of fresh and cooked prawns from China.
    The prawn ban, which also affected Vietnamese prawns, was imposed by Agriculture Minister Barnaby Joyce after an outbreak of white spot disease devastated several prawn farms in southern Queensland.
    The meatworks affected by the bans ironically include the Kilcoy abattoir at Gympie, Queensland, which is owned by China’s New Hope group. Also affected are two run by the world’s biggest meat business, Brazil’s JBS, at Scone, NSW, and Beef City near Toowoomba, Queensland; Thomas Foods Group’s lamb meatworks at Murray Bridge, South Australia; the Cannon Hill abattoir owned by Australian Country Choice, and the Northern Meat Co-operative in Casino, NSW.
    Trade Minister Steve Ciobo said he had been advised on Wednesday of the bans by Chinese officials concerned about labelling “inconsistencies”.
    China has given the Australian exporters 45 days to address the mislabelling concerns.
    But Mr Ciobo said there was much greater urgency, given that all of the companies had containers of frozen beef and lamb on ships due to arrive in China soon.
    “The significance of this is certainly something that has mobilised action on our part; this is a crucial export industry with tens if not hundreds of millions of dollars (of meat) directly affected by these bans,” Mr Ciobo said.
    “We want to deal with this as expediently as possible, and to solve whatever problems the Chinese have with these meatworks.”
    He added that he had spoken to Chinese authorities on Wednesday and that Australia’s acting ambassador to China would hold talks in Beijing on Thursday.
    One major Australian meat exporter said his Chinese staff had alerted him a fortnight ago to fears Australian meat imports were about to face extra scrutiny.
 
watchlist Created with Sketch. Add AAC (ASX) to my watchlist
(20min delay)
Last
$1.38
Change
-0.020(1.43%)
Mkt cap ! $852.9M
Open High Low Value Volume
$1.40 $1.41 $1.37 $290.7K 209.5K

Buyers (Bids)

No. Vol. Price($)
2 82812 $1.38
 

Sellers (Offers)

Price($) Vol. No.
$1.40 2730 1
View Market Depth
Last trade - 16.10pm 22/11/2024 (20 minute delay) ?
AAC (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.