Meat and Livestock Australia (MLA) reports that Australian beef exports to the United States have seen a significant increase in the first three months of 2024. This surge in exports is attributed to a decline in American production, which is expected to continue impacting global markets throughout the year. The ongoing decrease in North American beef production is anticipated to create competition for beef supply, particularly with demand rising from Japan, South Korea, and the United States.
The report highlights that while higher Australian production may partially offset the supply gap, it will not fully compensate for the decline in U.S. supply. The United States remains the largest export market for Australian beef in the first quarter of the year, with Australian beef filling the shortfall in dairy cow slaughter as American production decreases.
As Australian beef exports to North America continue to rise, the market share for high-quality beef in Japan and Korea is also expected to increase. The report emphasizes that strong Australian supply will help alleviate the shortfall created by declining U.S. exports.
Key Points:
- Australia produced 570,681 tonnes of beef and veal in the first quarter of 2024, marking a 15% increase compared to the same period in 2021.
- Australian exports to North America surged by 86% in the first quarter of 2024, reaching 104,797 tonnes of carcass-weight equivalent (CWE).
- Exports to Japan grew by 25%, while China exports rose by 9%. South Korean exports, however, dropped by 8%.
- Australian exports to all other markets jumped by 17% compared to the first quarter of 2023.
The outlook for Australian beef exports is positive, with overseas supply dynamics playing a significant role in shaping the industry. The decline in U.S. production has driven demand for Australian beef in key markets like the United States, Japan, and South Korea. Despite challenges such as low consumer confidence, the report suggests that Australia’s competitive position in the global market is bolstered by supply shortages and a weak Australian dollar.
Separate red meat export statistics released by the Department of Agriculture, Fisheries, and Forestry reveal that the United States remains the leading export market for Australian beef and veal. With significant exports to both the east and west coasts, Australia continues to meet the growing demand for its quality, sustainable, and flavorful meat products in various international markets.
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