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Beef Export Summary November 2023
Australian beef export volumes eased by nearly 11% over November 2023 as processing bottlenecks and union disruption over the month appears to have hampered some of the trade flows. There was 93,802 tonnes shipped, which is still 34% higher than the levels seen during November 2022 and nearly 11% above the five-year average for November.
The USA still sits in top position for Aussie beef flows with 210,086 tonnes taken so far during 2023, representing 21.5% of the trade. Meanwhile, just 4 tonnes separates China and Japan this year on 187,792 tonnes and 187,788 tonnes, respectively or 19.2% of the trade.
A summary for the top four beef export destinations is outlined below.
- USA – There was 19,470 tonnes swt of Aussie beef exported to the USA over November 2023, which is a 29% drop from the levels shipped in October. Although, as the seasonal average trend highlights it is not uncommon to see a dip in this trade over November. Despite the strong reduction in trade the current flows to the USA are still 107% higher than what was exported during November last year and 71% above the five-year average for November.
- China – Monthly beef exports from Australia to China dipped under the average pattern for the first time since February 2023 with 16,206 tonnes reported shipped over November. Compared to the October 2023 volumes the current trade levels are down by nearly 18% and this has pushed the monthly levels to sit nearly 9% under the five-year average levels for November. Despite the weaker demand volumes this year are still 20% above what was exported during November 2022. Overnight it was announced that the trade access to China for several Aussie abattoirs has been reinstated. It will be interesting to track what this does to demand from China into 2024.
- Japan – Aussie beef exports to Japan lifted 8% during November 2023 to see 17,857 tonnes swt traded and has managed to set trade levels a meagre 3% above the volume of beef exported from Australia to Japan during November 2022. Despite the more positive trade outcome volumes during November 2023 are still running nearly 23% under the November average, based on the last five-years of trade flows.
- South Korea – There was 18,117 tonnes swt of Aussie beef reported shipped to South Korea during November 2023 which represents almost a 4% increase on the levels exported in October 2023. Trade of beef from Australia to South Korea over 2023 has been robust and the current flows are no exception running 19% higher than the five-year average for November and 36% above the volumes exported in November 2022.
