Australia: Exports continue to climb

Australia exported 106,574 tonnes of beef over March, 8% more than last year. The standout increase was exports to the United States, which rose by 58% year-on-year to 29,346 tonnes. Domestic production of beef in the US is continuing to decline, which is pushing the amount of beef in cold stores down and pulling imports up. Outside of the US, Japan was the second largest market for the month, and exports lifted 3% year-on-year to 21,007 tonnes. Exports to China and South Korea fell by 17% and 25%, respectively, compared to March last year, but exports remained above average, and the declines were mostly due to March 2023 being an abnormally high month for both countries. Beef exports to the United Kingdom almost quadrupled to 506 tonnes as we approach the one-year anniversary of the ratification of the A-UK Free Trade Agreement. While remaining relatively small, exports to the UK have steadily grown over the past year and are highly concentrated in higher-value product segments ...