November 5, 2007
Australian October beef exports up 19 percent on-month at 86,607 tonnes
Australian beef exports in October is up on-month by 19 percent to 86,607 metric tonnes, reflecting stronger exports to its three major overseas markets, but were still down 14 percent on year, according to official figures issued late Thursday (November 1).
Exports of 33,065 tonnes to Japan, the biggest market, in October jumped 24 percent on month but were down 11 percent from a year ago, according to the figures issued by the Department of Agriculture.
The 11 percent on-year decline in part reflected the impact of a 19 percent strengthening of the Australian currency against the US dollar and a 16 percent gain against the yen, according to Meat and Livestock Australia Ltd. said in a statement.
While the strong Australian currency has reduced returns to Australian exporters, the Japanese trade is also under pressure as it endeavours to maintain beef consumption by minimizing price increases, it said.
The Australian dollar surged to a fresh 23-year high above US$0.93 this week.
Total exports to Japan in the first 10 months of calendar 2007 were down 4.5 percent on year at 314,494 tonnes.
Australia is the second biggest global exporter of beef after Brazil in an export trade generating almost A$5 billion a year.
Australian beef exports to the US in October totalled 27,212 tonnes, up 8.5 percent on month but down 3.4 percent on year.
Exports to the US in the first 10 months of 2007 of 249,246 tonnes were down 8.2 percent on year.
Exports to South Korea of 13,293 tonnes in October jumped 28 percent on month but were down 5.9 percent on year.
These took total shipments to that market in the first 10 months of this year to 116,242 tonnes, down 0.8 percent on year.
Of minor markets, exports to Taiwan in the first 10 months of 2007 of 25,018 tonnes were up 8.9 percent on year, while exports to Indonesia in the latest 10- month period of 22,319 tonnes more than doubled on year.
