South Korea to the rescue
The Snapshot
- South Korea saw a 21% gain in beef export volumes from February to March, representing a levels that are 13% above the five-year March average.
- Chinese demand for Aussie beef exports lifted an impressive 28% during March to see 14,929 tonnes shipped.
- The USA continue to disappoint with average monthly beef export volumes from Australia running 47% under the average seasonal trend since the start of 2021.
The Detail
The release of the March beef export data from the Department of Agriculture, Water and Environment (DAWE) shows at positive trend overall with some of the key market destinations showing some strong growth in demand for Australian beef product.
South Korea is a prime example, with a 21% gain in volumes from the February figures to see 15,682 tonnes swt consigned. This represents a level that is 13% above the five-year average volumes for March and puts South Korea fractionally ahead of China as the second top destination for Australian beef exports for the 2021 season. South Korea currently holds 18.1% of the market share for Aussie beef exports compared to China’s 17.9%.
China hasn’t been performing too badly this season either, considering the ongoing trade tensions and the fact that some exporters are still yet to re-gain access to the Chinese market.
Chinese demand for Aussie beef exports lifted an impressive 28% during March to see 14,929 tonnes shipped. Flows to China are now marginally ahead of the five-year average seasonal pattern with the volumes recorded for March sitting 5% ahead of the trend.
Japan remains the top destination for Australian beef exports for 2021, holding 25.3% of the market share of volumes with 20,130 tonnes sent during March.
Japan has managed to hold the top spot despite the fact that beef flows from Australia to Japan since the start of the season are running 21% under the pattern set by the five-year average trend.
Meanwhile the USA continue to disappoint with average monthly beef export volumes from Australia running 47% under the average seasonal trend since the start of 2021.
The month of March saw a lacklustre 12,680 tonnes shipped to the USA compared to the near 22,000 tonnes that we would normally expect to see, based on the five-year average trend for March. This places the March volumes at levels 42% under the average seasonal pattern.
Taking a look at the aggregate beef export volumes for March we can see a total of 83,438 tonnes swt was exported offshore from Australia. While this is a 25% gain on the February numbers it still represents levels that are 12% under the five-year seasonal average pattern.
