Global demand for Australian beef increases

MLA's latest Global Beef Market Update (GBMU) has shown that the outlook for Australian beef in the global market remains strong. MLA global supply analyst Tim Jackson said overseas supply dynamics have a strong impact on the Australian beef industry. “Australia exported more than 70% of beef production in 2023. Although it is a small part of global production, Australia is a major player in export markets,” Jackson said. “So far, in 2024, the United States has become the largest market for Australian beef. A prolonged shortage in the United States has reduced American production. This has driven demand for Australian beef in the United States itself, but also in Japan and South Korea, where the United States competes with Australia for the imported share.” Jackson notes that the outlook for Australian exports is strong: “along with declining US production, slaughter in South America has been very high as drought conditions persist in major livestock producing regions. As ...