January 29, 2009
Australian beef exports may reach new high in 2009
Australia's beef exports this year may rise to a record due to the declining Australian dollar.
Total beef and veal shipments may increase 3 percent to a record high of 990,000 tonnes, while production may grow 2 percent, according to the Meat & Livestock Australia (MLA).
The Australian dollar has dropped 25 percent against the US dollar last year, making Australian beef cheaper for foreign buyers.
MLA said declines in the currency are likely to offset uncertainty over global beef demand caused by the worldwide financial crisis.
"Underpinned by the lower Australian dollar, the Australian industry is forecast to enter a period of stronger export demand and cattle prices, once the current trading and financial uncertainties recede," MLA said.
MLA projects beef exports to Japan, the US and Southeast Asia to grow this year. Sales to Japan, the largest buyer of Australian beef, may grow 3 percent this year, while sales to the US and Southeast Asia is projected to increase 38 percent and 13 percent respectively.
