November 22, 2008

Japan's beef exports up 198 percent amid high stocks

Japan's beef shipments during the January to September period surged 198 percent on-year, but imported stocks are high due to falling consumption.

Japan's beef shipments during the period reached 400 tonnes swt, valued at JPY 2.8 billion (US$29.2 million), according to the Ministry of Finance.

Despite the immense growth, Japan's beef exports may be difficult to maintain for the remainder of the year as global economies slow. Hong Kong and the US have reduced beef orders, with the strong yen making Japanese beef more expensive.

Japan's beef stocks at the end of September also increased to 87,833 tonnes in product weight, up 9 percent on-year, as consumption declined 15 percent in September to 61,981 tonnes, said the Agriculture and Livestock Corporation Industries of Japan.

Despite a fall in import volumes during September, frozen imported beef stocks rose 7 percent on-year to 60,947 tonnes, accounting for 81 percent of total imported beef inventory. Domestic beef stocks also increased 24 percent to 12,954 tonnes.

Consumption of imported beef also declined 26 percent on-year to only 32,528 tonnes in September.