Beef Prices in Australia Average $7,023 per Ton After 3% Drop

Australia Beef Export Price in December 2022

In December 2022, the beef price stood at $7,023 per ton (FOB, Australia), with a decrease of -3.2% against the previous month. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in June 2022 an increase of 7.9% month-to-month. As a result, the export price reached the peak level of $8,542 per ton. From July 2022 to December 2022, the the average export prices failed to regain momentum.

Prices varied noticeably by the country of destination: the country with the highest price was the United States ($8,167 per ton), while the average price for exports to Indonesia ($4,060 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+2.0%), while the prices for the other major destinations experienced a decline.

Australia Beef Export Prices by Type

Prices varied noticeably by the product type; the product with the highest price was meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), fresh or chilled ($13,963 per ton), while the average price for exports of meat; of bovine animals, carcasses and half-carcasses, fresh or chilled ($2,894 per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for the following types: meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), frozen (+0.5%), while the prices for the other products experienced a decline.

Australia Beef Exports

Beef exports from Australia rose significantly to 84K tons in December 2022, with an increase of 9.1% on November 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2022 with an increase of 28% against the previous month.

In value terms, beef exports rose markedly to $592M (IndexBox estimates) in December 2022. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in March 2022 with an increase of 27% m-o-m.

Australia Beef Exports by Type

Meat; of bovine animals, boneless cuts, frozen (57K tons) was the largest type of beef exported from Australia, accounting for a 67% share of total exports. Moreover, meat; of bovine animals, boneless cuts, frozen exceeded the volume of the second product type, meat; of bovine animals, boneless cuts, fresh or chilled (18K tons), threefold. The third position in this ranking was held by meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), frozen (8.8K tons), with a 10% share.

From December 2021 to December 2022, the average monthly growth rate of the volume of export of meat; of bovine animals, boneless cuts, frozen stood at +1.4%. With regard to the other exported products, the following average monthly rates of growth were recorded: meat; of bovine animals, boneless cuts, fresh or chilled (-1.1% per month) and meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), frozen (-0.5% per month).

In value terms, meat; of bovine animals, boneless cuts, frozen ($340M), meat; of bovine animals, boneless cuts, fresh or chilled ($211M) and meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), frozen ($32M) were the most exported types of beef (cattle meat) from Australia worldwide, together comprising 98% of total exports. Meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), fresh or chilled and meat; of bovine animals, carcasses and half-carcasses, fresh or chilled lagged somewhat behind, together accounting for a further 1.7%.

Meat; of bovine animals, cuts with bone in (excluding carcasses and half-carcasses), fresh or chilled, with a CAGR of +1.3%, recorded the highest rates of growth with regard to the value of exports, among the main product categories over the period under review, while shipments for the other products experienced more modest paces of growth.

Australia Beef Exports by Country

South Korea (17K tons), Japan (16K tons) and China (15K tons) were the main destinations of beef exports from Australia, with a combined 58% share of total exports. These countries were followed by the United States, Indonesia, Taiwan (Chinese) and the Philippines, which together accounted for a further 29%.

From December 2021 to December 2022, the biggest increases were in the United States (with a CAGR of +2.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for beef exported from Australia were the United States ($120M), South Korea ($116M) and China ($106M), with a combined 58% share of total exports. These countries were followed by Japan, Indonesia, Taiwan (Chinese) and the Philippines, which together accounted for a further 24%.

In terms of the main countries of destination, Indonesia, with a CAGR of +2.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform