Export volumes to all key markets trend higher

A key feature about the current record export trend is that it is not dependent on any one customer, but rather, substantial growth in all four largest Australian customers (US, Japan, Korea, China) as well as progress in smaller customers like Indonesia and Canada, said Beef Central.

Exports to the United States last month reached 43,056t, up another 7700t or 22pc on the previous month, as US domestic beef production continues to dwindle. Enhancing Australia’s trade opportunities into the US has been the big decline in Brazilian beef exports into the US over the past two months, driven by Trump tariff measures. The source adds that “the low current rate of cow slaughter being experienced in New Zealand was another factor in Australia’s surge in exports to the US last month”.

Australia’s exports to China in July reached 30,925t, their highest volume in three years and 90pc higher than this time last year.

Japan’s imports of Australian beef also lifted last month, reaching 23,056t, up 1100t or 5pc on the previous month, but still 12pc behind July last year.

South Korea followed a similar trend, with July exports at 20,869t, up 8pc on the previous month, but only marginally better than July last year.

Emerging and developing export markets have followed a similar trend of increased imports of Australian beef.