Beef off the boil
The Snapshot
- Total beef export volumes from Australia eased 4% over November.
- Japan saw volumes lift nearly 10% over November, but they were coming up off a pretty low base seen in October.
- China, saw an easing trend in demand over November with beef exports slipping 6%.
- Meanwhile, South Korea was almost unchanged for November with just 5 tonnes separating the October and November flows.
- Australian beef export volumes to the USA returned to the lacklustre performance it has been displaying throughout much of 2022 with beef exports declining by 32% over November.
The Detail
Total beef export volumes from Australia eased 4% over November to see 69,697 tonnes swt of beef exported offshore over the month. This is the weakest monthly flows seen in 6 months and represents trade levels that are 21% below the five-year average volumes seen for November.
Japan, Australia’s top trade nation for beef exports, saw volumes lift nearly 10% over November, but they were coming up off a pretty low base. The 17,267 tonnes swt of Aussie beef exported to Japan in November represents less than 70% of the volumes that would normally be exported to Japan for this month in the year, based on the five-year average trend for November.
Australia’s second top destination for beef exports, China, saw an easing trend in demand over November with beef exports slipping 6% to see 13,487 tonnes traded. Beef exports from Australia to China in November now sit close to the levels seen in November 2021 and represent volumes that are 22% below the five=year average pattern for November.
South Korea, Australia’s third top destination for beef exports, was almost unchanged for November with just 5 tonnes separating the October and November flows. There was 13,302 tonnes swt of Aussie beef sent to South Korea in November compared to the 13,297 seen in October. Current Aussie beef trade volumes to South Korea sit 13% below the fie-year average for November.
After a promising lift in October, Australian beef export volumes to the USA returned to the lacklustre performance it has been displaying throughout much of 2022 with beef exports declining by 32% over November. Just 9,383 tonnes of beef were reported shipped to the USA in November, which is 25% under the five-year average volumes for November.
