September 26, 2008

Australian red meat and cattle exports to the Middle East is likely to keep growing despite a steep food price inflation, according to Meat & Livestock Australia. 

The billions of petrodollars flowing into the Middle East have raised disposable incomes of an increasing number of residents, but also led to high inflation rates, MLA said.

"While this situation of increasing incomes and prices continues, and being further exacerbated by depreciating local currencies that are pegged to the US dollar, purchases of Australian red meat and livestock to the region continue to grow at significant rates due to strong demand," MLA said.

Beef exports more than doubled in fiscal 2007-08 to 7,718 boneless tonnes, MLA said.

Several Middle Eastern countries are major importers of live cattle.