Australia’s exports to the US for the year to the end of August is up 69% for the same period last year.
With United States domestic lean beef prices now trading at record levels due to local cattle supply challenges, Australian, Brazilian and Uruguayan beef is now flowing into North America in much larger volumes.
But while greater volumes from Australia was widely anticipated as Australian beef production has ramped-up this year, it’s been the extent of growth in Brazilian exports in 2024 that has taken some observers by surprise.
Australia’s exports to the US for the year to the end of August have reached almost 235,000t, up 96,000t or 69pc on the same seven-month period last year, and the highest number since 2015. August shipments reached 41,000t, 59pc higher than last year.
At the same time, for exporters like Australia, the rising demand out of the US comes at a time when demand from China, the top beef buyer in the world, has slowed due to economic challenges.
Australia’s exports to China over the past eight months are at 121,000t, 8pc lower than last year. Much of the displacement has headed into the US.
Last week the value of domestic 90CL boneless manufacturing beef in the US averaged US$374/cwt, 21pc higher than a year ago.
