Several countries have suspended imports of Brazilian beef, following allegations that several Brazilian beef exporters bribed inspectors to ship rotten or tainted beef. Since the scandal broke last week, China, Japan, Mexico, the European Union, South Korea, Chile and several Middle East countries have banned exports of Brazilian beef. The United States has not yet banned Brazilian beef, but it has announced that it is stepping up inspections of Brazilian beef shipments in wake of the news.

The result of the bans is that Brazil’s beef export market has practically collapsed. ABC News reports that on average in March, Brazil exported more than $60 million worth of meat each day, Agriculture Minister Blairo Maggi told a Senate committee Wednesday. That figure was $74,000 on Tuesday, a few days after investigators revealed the probe.

The Brazilian government has suspended exports from the 21 companies under investigation and noted that a handful of the country’s 4,000 meat processing plants were involved. Brazil has not yet instituted any domestic recalls, and the government has stated repeatedly that the country’s beef is safe to eat..

Source: ABC News