UK beef market update: Production and trade in the first half of the year

Published Aug 28, 2024

Tridge summary

UK imports of fresh/frozen beef have increased by 9% year-on-year, reaching the highest volume since 2019. This is due to high domestic demand, competitive pricing, and elevated kill numbers in Ireland. Other countries like Uruguay and Australia have also increased their exports to the UK. Despite higher production in the Southern Hemisphere, the price gap between the Southern and Northern hemispheres is growing, potentially shifting trading partners. The UK's total beef supplies, which include production, imports, and exports, are broadly in line with the 5-year average. The market is expected to be supported by tightening kill numbers and lower supplies of Irish cattle throughout the year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

• UK imports increased by 9% year-on-year, driven by competitive Irish product.• Robust demand has absorbed year-to-date supplies, which stemmed from imports and higher kill numbers. • H2 supplies are set to reduce, suggesting support for prices as the year progresses. Source: HMRC, compiled by Trade Data Monitor LLC Year-to-date fresh/frozen beef imports (January to June) have totalled 120,199 tonnes, a 9.3% increase compared to the same period in 2023. This marks the highest import volume since 2019, supported by the firm domestic demand. Total fresh and frozen imports all saw increased volume, while total value saw a 12.8% uplift year-on-year (YoY). An increase in average value indicates that higher value cuts, such as steaks may have held a greater proportion of volumes. As GB deadweight prices continue to climb, the extra product has been absorbed by high domestic demand. The latest 12 week ending 4th August GB retail data shows a 1.5% increase for beef volumes YoY. ...

Source: Ahdb