August 22, 2018 / 9:15 AM / a year ago

COFCO Meat imports pork from Chile, Europe as U.S. trade war bites

BEIJING, Aug 22 (Reuters) - COFCO Meat Holdings Ltd has imported pork from Chile, the European Union and alternative countries, it said on Wednesday, as Beijing’s hefty tariffs on U.S. pork upends traditional trade routes.

The subsidiary of China’s state-owned grains-to-property conglomerate COFCO said its trading division had diversified origins for its pork imports and developed customers from other countries to cope with the impact of the deepening trade war between the world’s top two economies.

The cost of imported pork from the United States has significantly increased after Beijing imposed two sets of import duties on U.S. pork in recent months in response to similar taxes by Washington.

The comment came as the company reported a sharp drop in first half profit, the latest Chinese pig farmer to report weak results as falling hog prices hurt. (Reporting by Hallie Gu and Josephine Mason; Editing by Amrutha Gayathri)

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