Record value of beef exports in October

AUSTRALIA - According to figures released by the Australian Bureau of Statistics (ABS), the value of Australian beef and veal exports during October reached a monthly record of A$462 million – 20% above October 2005 levels. This rise for the month was primarily due to an 18% increase in volumes shipped (ABS data).
calendar icon 5 December 2006
clock icon 2 minute read
Most of the increase in export values was from shipments to the US, Japan and Korea. The value of exports to the US in October jumped 36% on October 2005 levels, to $124 million. Volumes shipped were up 24% (ABS), as drought conditions across much of Australia forced an increase in cow slaughter and supplies of manufacturing beef.

The value of beef exports to Japan in October was 8% above year ago levels, at $198 million, due to higher volumes shipped. Contributing to the rise in volumes shipped was the approach of Japan’s peak demand period coinciding with relatively low stock levels and a lack of supply from the US.

The value of exports to Korea rose 23% on October 2005 levels, to a record October high of $76 million. Demand from Korea remained strong and stock levels low, with US beef still absent from the market. Volumes shipped and the average value per kilogram were up 15% and 7%, respectively.

For the 10 months to October, the total value of Australian beef and veal exports was a record $3.92 billion – 1% higher than the same period last year. Exports to Korea experienced the greatest increase in values during the 10 months, up 28% to a record $633 million. In addition, the value of exports to Eastern Europe rose substantially, jumping nearly five-fold to $56.4 million, primarily due to limited supplies from the EU and the inability of South America to fill the growing demand for beef in this market.

Offsetting these gains was an 8% fall in the value of exports to Japan over the year to October, to $1.81 billion. The value of exports to the US was also down 2%, to $993 million.

TheCattleSite News Desk
© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.