Sayonara spring
The Snapshot
- Australian beef export flows to Japan eased 12% during October to see just 18,769 tonnes swt consigned.
- China saw a marginal increase in demand for Aussie bee product in October with monthly flows gaining 1.5% to 12,619 tonnes swt.
- Australian beef exports to the USA dropped by 11% to register 13,587 tonnes swt consigned.
- In contrast South Korean consumers have increased their appetite for Aussie beef with export shipments increasing by 9% over the month.
- Across the entire 2021 season, thus far, Korean flows are right on trend which is a remarkable achievement considering the other top destinations for Aussie beef; China, Japan and the USA, are 13%, 17% and 39% under trend, respectively.
The Detail
Australian beef export flows to Japan eased 12% during October to see just 18,769 tonnes swt consigned. Normally we see export volumes to Japan increasing during spring but the lacklustre result last month has bucked the usual trend.
Trade volumes are running at levels nearly 21% under the five-year October average and have recorded the lowest monthly flows since February 2021. So far this season Australian beef exports to Japan have been averaging monthly levels that are 17% under the normal seasonal trend, as per the five-year pattern.
In contrast South Korean consumers have increased their appetite for Aussie beef with export shipments increasing by 9% over the month. October saw 14,920 tonnes of beef exported to South Korea, which represents levels that are 11% above the October five-year average and is the strongest month for beef exports to South Korea since March.
Across the 2021 season, thus far, Aussie beef exports to South Korea have averaged 13,200 tonnes per month which is just 100 tonnes short of the average monthly flows seen over the last five years, signalling Korean demand for Aussie beef have remained pretty consistent despite the high prices, low supply and supply chain disruptions. A remarkable achievement considering the other top destinations for Aussie beef; China, Japan and the USA, are 13%, 17% and 39% under trend, respectively.
China saw a marginal increase in demand for Aussie bee product in October with monthly flows gaining 1.5% to 12,619 tonnes swt. According to the five-year seasonal average October normally sees about 15,500 tonnes shipped to China so current volumes are sitting 19% under the usual pattern for October.
After hitting a seasonal peak last month Australian beef exports to the USA dropped by 11% to register 13,587 tonnes swt consigned. The softening in the USA trade has October volumes sitting 21% under the five-year average pattern for the month.
With three out of the top four beef export destinations recording flat to softening result its somewhat unsurprising to see that total Australian beef exports eased during October by 7%. There were 74,333 tonnes of beef exported from Australia over the month, 18% below the 90,500 tonnes we have seen sent in October, according to the five-year average pattern.
