Australian beef export values dropped for Q1

Australia's beef exports declined to a value of AUD991 million (US$975 million) for the first quarter of this year, a 2% drop on-year, despite increased returns for March.

Underpinning the overall decline in export values was a fall to Japan, with sluggish demand pushing returns during the first three months of 2012, at 20% lower on-year, to AUD300 million (US$295 million). In line with a decline in shipments, export values to Korea also declined in the March quarter, falling 40% on-year, to AUD126 million (US$124 million).

However, the value of exports to the US surged during the March quarter, with much higher manufacturing export prices and larger volumes supporting a 60% yon-year rise. Export returns from Taiwan also recorded a on-year increase, up 5%, to AUD39 million (US$38.4 million).

During the March quarter, the overall value for chilled beef fell 7% on-year, to AUD384 million (US$378 million), with a 23% on-year decline in returns from Japan, underpinning the fall. Partly offsetting the decline in returns for chilled product was a 2% on-year increase in frozen beef values, at AUD607 million (US$597 million).

Australian beef and sheep offal export values declined 13% on-year during the March quarter, to AUD101 million (US$99.4 million). Returns from Japan fell 16% on-year, while export values to Korea increased 5% over the same period.