Look at us Mao
Beef Exports Summary June 2023
The middle of the year seems a good a time as any to look at the top trade destinations for Aussie beef for 2023. There have been a few changes to the order of things in recent months with South Korea slipping back to fourth place as resurgent demand USA moves our American friends into third spot. The tussle for top spot narrows too as Aussie beef export demand in Japan remains a little lacklustre as China renews their appetite. China accounts for 20.7% of the beef exports from Australia over 2023, marginally behind Japan on 21.4% of the trade. In 2022 China accounted for 18.5% of the flows compared to Japan’s 25.1% so there has been some good ground made up this year.
Over June 2023 total Australian beef export volumes trekked sideways, albeit with a marginal 3% lift on the volumes sent during May. There was 94,009 tonnes of beef shipped over June, which represents flows that are 4% above the five-year average for this time in the season.
A summary of the top four trading destinations is as follows:
- Japan – As outlined above, Japan remains a bit in the doldrums in 2023 and the beef trade over June was not exception. Flows eased by 3% during the month to see 18,831 tonnes exported. June beef exports from Australia to Japan are running at levels 22% under the five-year average for June which is ‘par for the course’ so far this year as average monthly beef flows to Japan for the first half of 2023 are also running 22% under the seasonal average trend.
- China – Beef exports to China held steady in June at 19,583 tonnes, just 14 tonnes above the levels exported in May. Average monthly flows to China over the first half of 2023 are sitting 8% above the five-year average pattern.
- USA – Monthly beef exports from Australia climbed over 20,000 tonnes for the first time since July 2020 reaching 20,585 tonnes in June 2023. This represents a 15% gain on the volumes set in May and a comparison of the average monthly flows over the first half of 2023 to the first half of 2022 shows that US demand for Aussie beef has rebounded nearly 52%.
- South Korea – After an exceptionally strong start to the year beef flows to South Korea have moderated with a 7% decline noted over June 2023. There was 145,486 tonnes of Aussie beef shipped over June, which represents levels that are just 4% above the five-year average for June. Despite the June easing average monthly flows to South Korea over the first half of 2023 sit 14% above the five-year seasonal trend.
