The US Department of Agriculture (USDA) forecasts a significant increase in Australia's live cattle and beef exports in 2024, following the end of a herd rebuild that has boosted supply. Australia, a major global agricultural exporter, experienced a drop in exports in 2021 and 2022 due to wet weather facilitating herd rebuilding. The USDA anticipates Australia will export 850,000 cattle and 1.705 million metric tons of beef and veal in 2024, reaching a four-year high.
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Australia's exports of live cattle are likely to rise by more than one-third this year, and beef shipments should increase by 9% as the end of a herd rebuild boosts supply, Reuters reported, citing this week's US Department of Agriculture (USDA) forecast. Australia is one of the world's biggest agricultural exporters; the country ships live cattle worth about $1 billion and beef worth about $7 billion each year to markets, mostly in Asia. Exports fell sharply in 2021 and 2022 as wet weather allowed farmers to rebuild their herds after a long dry spell that shrivelled pastures, but began to recover last year. The United States, a key competitor to Australia in beef markets, has been increasing imports and reducing exports after a long period of destocking that has pushed cattle numbers to their lowest since 1951. Australia will export 850,000 cattle this year, up from about 626,000 in 2023 and a four-year high, and 1.705 million metric tons of beef and veal, up from 1.562 million ...
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