Global markets export wrap

In May, Australia experienced a 4% increase in red meat exports compared to the same period last year, totaling 133,444 tonnes. This slight uptick is part of a larger trend showing a 5% decline in the first five months of 2022 compared to the same period in 2021, with a total of 557,265 tonnes exported. The increase is primarily due to a rise in beef exports, with a notable 11% increase from April 2022, largely driven by a 58% increase in grainfed beef exports.

Japan and South Korea, being the largest markets, have shown significant growth in grainfed beef imports, with Japan's imports reaching the highest recorded since March 2020. Conversely, the USA, a dominant market for grassfed beef, has seen a 6% year-on-year decline in red meat imports. Lamb exports also saw a 3% increase, with the USA importing a 9% higher volume compared to May 2021, and there was a notable shift in storage mode with a 37% increase in frozen exports to the USA. Mutton exports experienced a 22% increase, with China becoming the largest market, and there was a significant rise in exports to the Middle East/North Africa region. Finally, goat meat exports saw a 23% increase year-on-year, with the USA accounting for 54% of total exports in May 2022.