Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

Australia’s red meat exports surge as US beef production falls

Dalma Food AB/CC BY 3.0/WIKIMEDIA COMMONS

CANBERRA — Australia’s red meat exports rocketed last year as a plunge in livestock prices made its products more competitive at a time when beef production in rival exporter the United States is falling.

Shipments accelerated as the year went on, pushing exports of sheep meat to a record high and beef exports to their highest since 2019, trade data showed.

Australia is one of the world’s biggest shippers of red meat. Its exports are likely to be even larger in 2024 thanks to low US beef output and strong Chinese demand, said Matt Dalgleish at agricultural consultants Episode 3.

Australian cattle and sheep prices plummeted to multi-year lows last year as dry weather triggered a sell-off by farmers worried they wouldn’t have enough grass to feed animals, many of which were sent to slaughter.

In the United States, meanwhile, drought has shrunk the cattle herd to its smallest since 1951 and beef prices have risen sharply.

Australia exported 607,878 tons of sheep and goat meat last year, up from 478,350 tons in 2022, and 1.18 million tons of fresh and frozen beef, up from 926,576 tons the year before, trade data accessed through Trade Data Monitor show.

The sheep meat exports were worth $3.1 billion, down from 2022’s record high of $3.4 billion due to lower prices.

The beef exports were worth $7.6 billion, the most ever recorded.

For sheep meat, the biggest driver of the increase in exports was China, which took 204,446 tons from Australia last year, the most on record.

Shipments of beef increased to China, South Korea, and the United States, three out of four of Australia’s main export markets for the meat.

Rainfall in recent months has greened pastures and led to a partial recovery in livestock prices, but Australian red meat remains competitive, Mr. Dalgleish said.

Last year also saw a slight uptick in exports of live sheep and cattle from Australia, though levels remained far below past highs. — Reuters

You May Also Like

Forex

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...

Forex

The introduction of aggressive climate objectives by global economies and growing prospects for reducing carbon emissions are driving the growth of the district heating...

Editor's Pick

STOCK PHOTO Image by 165106 from Pixabay CANBERRA – Around 16,000 livestock remained in limbo aboard an export ship at an Australian port on Friday, having...

Forex

In the dynamic automotive sector, consistent growth of the electric vehicle (EV) charging industry has become increasingly evident. Consumers and businesses alike are recognizing...

Disclaimer: SecretsOfRichDads.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Secrets Of Richdads. All Rights Reserved.