Australia experienced a remarkable surge in red meat exports last year, fueled by a sharp decline in livestock prices that boosted competitiveness. This surge coincided with a fall in beef production in the United States, one of its main rivals in the export market.
According to trade data, shipments gained momentum throughout the year, resulting in record-high exports of sheep meat and the highest beef exports since 2019. Agricultural consultant Matt Dalgleish from Episode 3 predicts that Australia’s red meat exports are poised to grow even further in 2024 due to low U.S. beef output and robust Chinese demand.
In 2023, Australian cattle and sheep prices hit multi-year lows due to dry weather, prompting farmers to sell off livestock amid concerns about insufficient grass for feeding. In contrast, the United States faced drought conditions that led to the smallest cattle herd since 1951 and a significant rise in beef prices.
Last year, Australia exported 607,878 tons of sheep and goat meat, a notable increase from 2022’s 478,350 tons. Additionally, fresh and frozen beef exports reached 1.18 million tons, up from 926,576 tons the previous year. The trade data, accessed through Trade Data Monitor, revealed that sheep meat exports were valued at $3.1 billion, slightly lower than the 2022 record of $3.4 billion due to reduced prices. However, beef exports hit an all-time high, reaching $7.6 billion.
China emerged as a major contributor to the surge in sheep meat exports, receiving 204,446 tons from Australia in 2023, a record quantity. Beef shipments also increased to China, South Korea, and the United States, three of Australia’s primary export markets for meat.
While recent rainfall has led to a partial recovery in livestock prices, making pastures greener, Australian red meat remains competitive. Despite a slight uptick in live sheep and cattle exports last year, the levels remained well below previous highs.
