Gold medal performance
Beef Export Summary July 2024
Total monthly Australian beef exports made a new record during July of 129,998 tonnes swt, beating the previous record month, March 2015, by 5%. Just like the previous record it was a surge in beef demand from the USA that propelled the total beef export volumes into the stratosphere.
Compared to the June 2024 volumes, July saw a 22% increase in beef trade flows out of Australia. Current beef export volumes are running 42% higher than the average seasonal flows for July, based on the last five-years of the trade.
A summary of the top four beef trade destinations is outlined below:
USA – As outlined earlier very robust beef demand from the USA is under-pining the strong export result for Australia. The last time we saw such strong demand from the USA was the 2015 season. July 2024 saw a 34% increase in beef exports to the USA over the month to hit 38,508 tonnes, which is the highest monthly flows to the USA since December 2015. Compared to the July five-year average trading volumes the current flows to the USA are sitting nearly 99% higher.
Japan – During July Japanese demand for Aussie beef continued to climb, albeit more modestly than in the USA. There was 26,297 tonnes shipped to Japan over July, representing a 3% gain on the previous month. Compared to the five-year seasonal average for July the current Japanese trade is sitting nearly 21% higher.
South Korea – There was a solid monthly gain for Aussie beef exports to South Korea with volumes lifting by 26% during July to see 20,331 tonnes shipped. Compared to the seasonal average flows for July, based on the last five-years of trade the current Aussie beef demand from South Korea is 38% stronger.
China – Of the top four destinations for Aussie beef exports China was the only destination to see monthly trade flows remain below the seasonal average trend. There was a promising 23% increase in the beef export flows over July to China, but at 16,249 tonnes shipped the July 2024 traded volumes fell short of the five average for July by 1%.
However, the Aussie beef trade to the “Others”, excluding the flows to the top four listed above, made up for the below average result from China. There was a 27% increase on beef exports to “other destinations” during July 2024 to see 28,613 tonnes exported. This represents trade flows that are 50% higher than the five-year average levels for July.
