Big bang for your beef
Market Morsel
October 2024 has seen a new record volume set for total beef exports from Australia, outperforming the prior record set earlier in the year by just 50 tonnes. There was 130,048 tonnes swt of Aussie beef reported shipped offshore in October, a 14% gain on the volumes exported during September 2024. Compared to October 2023 the current flows are 24% higher and 45% stronger than the October average flows, based on the last five year of the beef export trade.
Demand from Australia’s top beef destination, the USA, is contributing strongly to the lift in overall beef export volumes, but other top four nations like South Korea are also doing their share of the work. A summary of the top trade locations, in order of top market share for 2024, is as follows:
USA – There was 45,338 tonnes of Aussie beef reported shipped to America in October 2024, the second highest monthly flows on record. September 2014 still holds the top beef export volume with 47,238 tonnes but the current trading levels of beef exports from Australia to the US still represent a 22% increase on the levels sent during September 2024. Compared to the October 2023 flows the current trade is 65% stronger and a huge 147% higher than the five-year average trade flows for October.
Japan – There has been a noticeable drop in beef demand from Japan into the second half of 2024 and October continues the softening trend seen since July. There was 15,021 tonnes of beef shipped out of Australia to Japan in October, a 12% easing on the September flows and it represents levels that are nearly 24% below the October average trade flows, based on the last five years of the Aussie beef trade to Japan.
South Korea – October 2024 saw a 25% lift in demand for Aussie beef exports to South Korea with 19,733 tonnes reported exported. This is the fourth highest monthly beef volumes sent from Australia to South Korea on record and represents trade levels that are 35% higher than the five-year average flows for October.
China – The beef trade to China continued to trend mostly sideways and remained below the average pattern, based on the last five-years seasonal trading levels each month. There was 15,678 tonnes of beef exported to China from Australia in October, which is a 3% easing from the levels seen in September 2024. Compared to the five-year average trend for October the current trade levels to China are running nearly 13% softer and reflective of a struggling Chinese economy and low levels of Chinese consumer confidence.
