The strong start to 2024 continues for Aussie beef exports registering the best trade outcome for February since 2019.
There was a total of 93,834 tonnes swt reported shipped over the month, this represents a 24% increase on the volumes seen during January 2024 and 22% higher than the five-year average for February. Additionally, the current beef export flows for February are nearly 24,000 tonnes higher than February 2023, a 33% lift on last year's volumes for February.
A summary for the top four beef export destinations is outlined below.
USA – American demand for imported Aussie beef remains solid with 21,2341 tonnes reported consigned during February, which makes this year the strongest February outcome since 2016. Compared to the five-year average for February the current beef export flows from Australia are nearly 53% stronger and sit a whopping 83% higher than February 2023.
Japan – Demand for Aussie beef from Japan has looked to turn the corner from the doldrums of 2023 too. February saw 23,794 tonnes exported from Australia making this year the best February result since 2018. February 2024 has come in 46% higher than January 2024 and nearly 22% above the seasonal average for February, based on the last five years of trade data.
China – There is a continuation of above average monthly flows of Aussie beef to China with 15,757 tonnes reported shipped during February. This is nearly 26% above the volumes seen exported in February 2023 and 10% above the five-year average seasonal pattern for February.
South Korea – Displays a similarly consistent performance to China with above average flows of Aussie beef exports noted. There was 13,869 tonnes of beef shipped from Australia to South Korea in February 2024, almost matching the volumes sent in February 2023 and running 11% above the five-year average volumes for February.