05 Jul 2024
Argentina beef consumption seen at record low in 2024
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BUENOS AIRES, July 5 (Reuters) – Beef-loving Argentines are cutting back on their steaks as the country’s economy slumps, meaning cattle consumption will likely hit a record low this year, a market report published on Friday showed.
Argentina’s beef consumption in 2024 is expected to total around 44.8 kg (98.77 lb), the lowest since record-keeping began in 1914, said the Rosario exchange, which publishes market updates for grains and livestock. The historic average is nearly 73 kg.
See also:
- Argentina lifts restrictions on beef exports
- Argentina’s beef exports surge to highest level in decades
- Argentina exported 682,000 tons of beef last year, mostly to China
The South American nation’s economy has been hit hard by triple-digit inflation, a recession and rising poverty and unemployment.
Libertarian President Javier Milei, who took office in December, has rolled out austerity measures to reign in government spending. He also ended the previous government’s freeze on beef prices.
Argentina, famed for its beef-eating culture, is dotted with steakhouses, cattle ranches and asado barbecues.
As consumption at home drops, farmers are increasingly shipping their beef abroad, a separate report from the exchange published on Friday showed. Export volumes from January to May of this year are up 10% from the year-ago period.
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