Australian red meat exports have started the year on the right foot, with January and February export volumes exceeding 2021 and 2022 levels for beef, mutton and lamb. Goat exports, however, have fallen just short of 2022 levels. This is expected to be the start to a stronger year for red meat exports, due to higher slaughter volumes and increased demand from Chinese importers.
Beef exports are tracking higher than the same period in 2021, but remain well below the five-year average. There is a long way to go to reach the five-year average for March of 89 thousand tonnes swt, but it is not out of the question.
The four major export markets for Australian beef remain extremely close in terms of volume shipped. Japan led the way with 28,611 tonnes shipped over the two months, while South Korea, China and the US followed closely behind.
Higher slaughter numbers than the last two years is expected to increase the supply of beef available to the export market. The temporary shutdown of Brazilian beef exports to China due to the detection of a BSE case acts as a timely reminder of Australia’s relative food safety credibility and is expected to support improved demand for Australian exports.
Source: MLA, DAFF, AuctionsPlus.
The reopening of China following the relaxation of the zero-COVID policy has been felt the most in the mutton export market. China accounts for 40% of Australian mutton exports and 6,407 tonnes were shipped in February, supporting total exports of 15,592 tonnes. Malaysia also contributed to the strong result, with 2,430 tonnes shipped in February. A lack of restocker demand for sheep and lower OTH prices for mutton are also major drivers of the increased export volumes.
Source: MLA, DAFF, AuctionsPlus.
Lamb exports have been consistent with the five-year average for January and February, with a total of 40,958 tonnes shipped - 16% above 2021 levels and 8% above 2022 levels. The US and China continue to dominate the lamb export market, with a total of 9,424 tonnes shipped to the US and 7,987 tonnes shipped to China over the two months.
Source: MLA, DAFF, AuctionsPlus.
China has imported the largest volume of Australian goat meat since 2013, with 340 tonnes shipped in February, over four times the volume shipped in January (81 tonnes). South Korea experienced a similar trend, with February exports of 455 tonnes more than tripling January’s 140 tonnes. The US remained the top destination, with 883 tonnes shipped, representing 43% of total February exports. The significant decline in OTH goat prices in late 2022 is likely a key driver for the increase in export volumes.
Source: MLA, DAFF, AuctionsPlus.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s
