November 10, 2008
Australian beef exports hit record high in October 08
Australian beef shipments totalled 93,872 tonnes during October, up 8 percent on-year, and surpassing the previous October high set in 2000.
Assisted by increased beef production throughout September and October, the higher shipments over the past month were underpinned by strong volumes to the US. Exports to the US reached 27,776 tonnes during October, up 2 percent on-year and the highest monthly volume since May 2007.
The rebound to the US can largely be attributed to the impact of the lower Australian dollar, which has helped to maintain high export returns, while weakening demand from Russia has increased the available supply of beef for the US market.
Further boosting exports for October was increased shipments to Indonesia, up 7 percent on-year, to 3,000 tonnes, along with the Philippines (1,497 tonnes) and Taiwan (2,675 tonnes), up 310 percent and 16 percent, respectively. While exports to Russia were up 368 percent on-year, at 3,748 tonnes, it was the lowest monthly total to that region since March.
Exports to Japan totalled 30,406 tonnes for the month, back 8 percent on the same period last year, while shipments to Korea slipped 1 percent on-year, to 13,213 tonnes.
For the first ten months of 2008, Australian beef and veal shipments edged 2 percent ahead of the same period last year, to 793,696 tonnes.