The United States Department of Agriculture (USDA) has raised its projections for beef exports from Australia and Brazil in 2024, in a report released last week.
“Australia and Brazil, the world’s largest exporters, will benefit from robust US import demand driven by declining domestic production in the country,” it says.
The current estimate for Brazilian shipments is 2.98 million tons this year, compared to 2.85 million tons forecast in October 2023, the last projection by the North American agency. Australian exports are expected to total 1.69 million tons (the previous forecast was 1.6 million).
“However, Brazilian shipments will be limited by US beef import quotas, while Australian shipments are unlimited and tax-free due to the Free Trade Agreement between the US and Australia,” the USDA emphasizes.
Estimates for global beef exports this year have been revised upwards by 1%, reaching 12.1 million tons.
The forecast for China’s demand has slightly improved, despite the expected slower economic growth.
Poultry
According to the USDA, Brazilian chicken meat exports are expected to grow less than previously estimated in 2024. The forecast has been reduced to 4.92 million tons, compared to 5.02 million tons in October.
“Weaker than expected demand in Saudi Arabia, South Korea, and Japan will mainly impact Brazil, the world’s largest exporter,” the USDA said. The forecast for Brazil’s chicken production in 2024 was maintained at 15.05 million tons.