Lower volumes and stronger A$ impacts beef export values
20 April 2016
Australian beef exports in February generated total receipts of A$623.5 million FOB, declining 12% year-on-year – although remains 20% above the five-year average for the month (ABS/Global Trade Atlas).
The A$ has continued to strengthen since January 2016, averaging 71US¢ in February – although was 7¢ lower than the same time last year.
Along with a 14% decline in beef shipment volumes during the month, the stronger A$ has contributed to the lower value of beef exports in February, with average unit value easing 1.4% year-on-year – to $6.87/kg.
Returns from Australia’s major beef export markets recorded mixed trends in February, compared to the same time last year:
- The US – $183.2 million, down 30%
- Japan – $113.16 million, down 21%
- South Korea – $113.58 million, up 48%
- China – $47.82 million, down 24%
- Indonesia – $29.82 million, up 14%
Encouragingly, beef export values to Taiwan for the month recorded a 32% jump year-on-year, generating over A$15.8 million. This increase was underpinned by a 43% increase in volume – with over 2,400 tonnes swt shipped.
