07 Feb 2024
Australia’s red meat exports surge as US beef production falls
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CANBERRA, Feb 7 (Reuters) – Australia’s red meat exports rocketed last year as a plunge in livestock prices made its products more competitive at a time when beef production in rival exporter the United States is falling.
Shipments accelerated as the year went on, pushing exports of sheep meat to a record high and beef exports to their highest since 2019, trade data showed.
Australia is one of the world’s biggest shippers of red meat. Its exports are likely to be even larger in 2024 thanks to low U.S. beef output and strong Chinese demand, said Matt Dalgleish at agricultural consultants Episode 3.
Australian cattle and sheep prices plummeted to multi-year lows last year as dry weather triggered a sell-off by farmers worried they wouldn’t have enough grass to feed animals, many of which were sent to slaughter.
In the United States, meanwhile, drought has shrunk the cattle herd to its smallest since 1951 and beef prices have risen sharply.