Short slip for beef

A summary of the top four beef trade destinations is outlined below:

USA – Q2 beef exports to the USA totalled 87,264 tonnes swt, which is the strongest second quarter results since Q2, 2015. Despite easing by 8% from May to June the second quarter beef exports to the USA have remained strong overall in 2024, running at levels 71% higher than Q2, 2023 and 78% above the five-year average volumes for Q2.

Japan – May to June saw beef exports from Australia to Japan sit consistent at around 25,000 tonnes each month and the solid result here contributed to the strongest Q2 results for beef exported to Japan since Q2, 2019. There was a total of 72,777 tonnes shipped to Japan in the second quarter of 2024, which is 36% higher than Q2, 2023 and 13% above the Q2 average flows based on the last five-years of the trade.

China – Quarterly beef flows to China are the only top four destinations to remain below the average trend. There was 43,453 tonnes of beef exported to China during the second quarter of 2024, which represent trade levels that are 22% below the Q2 flows from 2023 and 17% under the volumes usually seen in Q2, based on the five-year average beef export volumes to China.

South Korea –  Q2 beef flows to South Korea from Australia managed to hit a new quarterly record total in Q2, 2024 with 48,969 tonnes shipped. This beats the previous record quarterly flows of 44,444 tonnes, achieved in Q2 2015 by nearly 10%. Compared to Q2 last season the current quarterly trade flows are 12% higher and compared to the Q2 five-year average they are 19% stronger.