INTERNATIONAL

Global meat exports expected to increase by 2 percent

Global beef exports are forecast to rise marginally in 2024 to 12.3 million tons, as increases in Argentine, Australia, Brazil and India offset lower US exports, the USDA says.

Posted on Apr 26 ,00:20

Global meat exports expected to increase by 2 percent

Outside the United States, global exports are expected to increase 2%. China's imports are forecast to decline 4%, as domestic consumption is forecast to remain stable year-over-year and domestic production is forecast to rise 2%. As a result, countries with abundant exportable balances will look for other destinations in 2024.

Australia's exports are forecast to rise 9% as ample supply and competitive prices boost shipments to East Asia and North America. Strong US import demand will support Australia's export growth, as will the expected reduction in US exports to key East Asian markets.

Brazil is forecast to remain the world's largest exporter, but exports in 2024 will increase just 1% to 2.9 million tonnes. Firm demand from key trading partners such as the United States, United Arab Emirates and the Philippines will likely offset weaker demand from China.

India's exports are forecast to rise 3% due to strong demand from key markets in Southeast Asia and the Middle East, especially Vietnam, Malaysia and Saudi Arabia.

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