Market Morsel: Choosing a Korea in beef
Total Australian beef export volumes for November eased nearly 2% on the month to see 79,947 tonnes swt exported. Reflective of the tight season and local cattle high prices, particularly when compared to our competitors, beef export volumes are running nearly 15% under the five-year average pattern for November.
Australia’s number one beef export destination for 2020, Japan, performed solidly over November posting a 14% lift from October to see 25,422 tonne swt exported. While still nearly 3% under the five-year average pattern for November it is the highest monthly tally of beef exports to Japan since March this year.
The USA and China, Australia’s second and third top beef export destinations, haven’t demonstrated the growth in demand during November that Japan has shown. Beef flows to the USA dipped 34% and China trekked sideways, with just a 3% gain from the October levels.
Fourth spot for Aussie beef, South Korea, mirrored Japan’s strong showing with a 20% lift in beef export volumes over the month to see 16,559 tonnes recorded for November. This represents a level 7% higher than the five-year average seasonal pattern for November.