A bit of applied futures theory
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August export volumes continued trends seen in July, with beef exports maintaining a brisk pace and sheepmeat exports falling compared to year-ago levels.
Beef exports
Beef exports lifted 11% year-on-year (YoY) to 135,571 tonnes. This is the largest August volume on record, and the second largest overall monthly volume on record after the July volume. Most of this month’s lift came from North Asia. The United States (US) remained the largest market for the month, with exports easing 1% YoY to 40,754 tonnes. The consistently high 2025 export results continue to reflect strong US demand.
China was the second largest export market for the month, rising 47% YoY to 22,323 tonnes. South Korea followed where exports rose 22% YoY to 21,495 tonnes. The largest increase was seen for Canada, where exports lifted 145% YoY to 6,001 tonnes – making it the fifth largest market.
Grassfed beef exports increased 9% YoY to 97,286 tonnes, while grainfed beef exports lifted 16% YoY to 38,284 tonnes – the third highest grainfed export figure on record. Consistently strong grainfed export volumes mean that all the top 15 grainfed export months have occurred since the start of 2024.
Lamb and mutton exports
Sheepmeat exports declined in YoY terms. Lamb exports fell 25% YoY to 22,471 tonnes and mutton exports fell 33% YoY to 12,642 tonnes.
Lamb exports to the US decreased 10% YoY to 6,271 tonnes. Despite the fall, market share rose, with the US taking 28% of lamb exports, up from 23% in August 2024.
Sheepmeat exports to China eased by 27% YoY to 7,300 tonnes, but this was due to a 62% YoY mutton export decline to 2,374 tonnes. Lamb exports to China bucked the overall trend, rising by 30% YoY to 4,926 tonnes.
Lamb exports to the Middle East and North Africa region reduced 54% YoY to 3,750 tonnes, with exports falling to all countries in the region except the United Arab Emirates, which held steady at 1,690 tonnes.
Combined lamb and mutton exports to Southeast Asia decreased 30% YoY to 3,064 tonnes. Mutton exports to Malaysia fell 24% YoY to 1,391 tonnes and lamb exports to Malaysia also reduced 63% YoY to 332 tonnes.
Goatmeat
Monthly exports of Australian goatmeat rose 20% YoY to 4,975 tonnes – the strongest August result on record and the fifth biggest month overall.
Exports lifted across all major markets:
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US rose 22% YoY to 2,608 tonnes
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Korea rose 10% YoY to 887 tonnes
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China rose 17% YoY to 390 tonnes
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Canada rose 76% YoY to 251 tonnes.
Exports of goatmeat have risen 20% in 2025 from 2024 levels to 37,769 tonnes, the highest yearly amount on record.
The Bottom Line
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Beef exports hit the second largest monthly volume on record.
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Lamb and mutton exports fell, in line with lower slaughter rates.
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