Beef exports from two of the largest producer countries hit new records in October, driven by continued demand for the product, according to data released this week.
Brazilian beef exports, for example, surpassed the September record by nearly 20,000 tons, according to the Foreign Trade Secretariat (Secex). The country shipped 270,332 tons of fresh beef in October, at an average price of USD 4,660 per ton.
This marks the fourth month in 2024 in which monthly records for beef exports have been broken. The average price rose by 3.3% month-over-month and was 1.4% higher than in October 2023. Compared to the low of USD 4,409 per ton recorded in July, the recovery is more than USD 250 per ton.
China, Brazil’s largest market, imported nearly 160,000 tons last month, followed by the United States and the Philippines. China currently accounts for 54.4% of Brazil’s total beef exports.
Australian beef exports reached 130,049 tons in October, breaking the record for the highest quantity exported in a single month for the second time this year.
The United States was the largest market for Australian beef in October, with shipments up by 64%. South Korea came in second, with a 13% year-on-year increase. The largest increase in exports was to Indonesia; 11,026 tons were exported to Indonesia, up 95% from October last year.