Beef off the boil
The Snapshot
- Total Aussie beef export volumes eased 4% over June to see 73,551 tonnes shipped.
- Australian beef exports to South Korea and Japan mirrored the magnitude fall seen for total beef flows, both dropping by 4% over the June period.
- Australian beef export volumes to China declined by nearly 15% over June.
- Aussie beef exports to the USA lifted 5% in June, but remain 48% under the five-year June average.
The Detail
South Korean demand for Aussie beef continues to ease after some strong results for monthly flows earlier in the season. The softer beef export flows seen recently for South Korea are mirroring the broader trend in below average total beef exports for June 2021.
Department of Agriculture, Water and Environment (DAWE) trade figures show that total beef export volumes decreased by 4% during June to see 73,551 tonnes swt recorded for the month. Current beef export volumes represent levels that are 25% under the five-year average pattern for June.
Australian beef exports to South Korea and Japan mirrored the magnitude fall seen for total beef flows, both dropping by 4% over the June period. At 12,480 tonnes swt during June the South Korean demand for Aussie beef sits 14% under the June five-year average. Meanwhile, the Japanese volumes are nearly 19% under the five-year average pattern for June at 21,000 tonnes swt.
Australian beef export volumes to China declined by nearly 15% over June, recording just 11,769 tonnes for the month. Chinese demand is sitting nearly 18% under the volumes that would be expected based on the five-year average for June at nearly 14,300 tonnes.
Meanwhile the USA continues their lacklustre season for Australian beef consumption with the June figure coasting sideways. A 5% gain was noted over June to bring the beef export figure to 12,163 tonnes swt, but this still represents levels that are almost 48% below the five-year average for this time in the season.
