October 29, 2010

Australian beef, veal export value down in Jan-Aug

THE value of Australian beef and veal exports continues to be impacted by the high Australian dollar and lower volumes, with shipment values for January to August back 4% on-year, at AUD2.8 billion (US$2.7 billion), according to Australian Bureau of Statistics (ABS).

The main driver of the lower returns in 2010 has been the higher Australian dollar, which has averaged 18% higher than in 2009, at 90 US cents, and recently touched parity with the US dollar.

Contributing to the lower returns in 2010 has also been tighter beef production and lower export volumes.

The value of Australian beef shipments to the US for the first eight months of 2010 were back 21% on-year, to AUD577 million (US$563 million), while export values to Japan contracted 11%, to AUD1.14 billion (US$1.11 million).

However, there has been value growth to some markets in 2010, most notably to Korea, with returns increasing 24% on-year, to AUD411 million (US$401 million).

The value of shipments also rose to Russia and the Middle East, which have taken more beef in 2010, with values up 134% to AUD109 million (US$106 million), and 34% to AUD77 million (US$75 million), respectively.