Over the last five-years, on average, Australia has exported 71% of the beef it has produced and the ratio of beef exported versus domestic consumption has increased from 67% in 2022 to nearly 75% in 2024, as forecast by Meat & Livestock Australia (MLA). Over the next few years the ratio of beef exports is anticipated to remain relatively firm staying at 74.7% in 2025 and easing marginally to 73.9% in 2026.
Analysis of monthly Department of Agriculture, Fisheries and Forestry (DAFF) trade flow data for beef exports from Australia allows us to calculate average beef export pricing levels to key trading partners. Each month DAFF provides an update of total beef trade volumes and total beef trade values to all trade destinations and we can use this information to construct an average monthly beef export price to selected offshore destinations.
Australia’s largest four beef export trading partners during 2024, in order, are the USA, Japan, South Korea and China. Presently, the USA is Australia’s largest beef export destination accounting for 27.5% of total beef export flows this year, which is up from 22.7% in 2023.
Normally Japan holds the number one spot as a beef trade destination however subdued demand in 2023 and a growing appetite for imported beef from the USA, due to their fifth year of cattle herd liquidation, has seen Japan usurped as the number one trade spot for Aussie beef. In 2024 Japan sits in second top spot with around 21% of the total beef export trade…
