A$ assists rise in beef export returns
21 October 2015
Australian beef exports generated $835 million FOB (Australian Bureau of Statistics) in August, up 25% on the corresponding month last year, despite the export volume being 5% lower. The rise in value was significantly assisted by the weaker A$, which was 20US¢ than August last year, averaging 73US¢ in August 2015.
This brings the year-to-August total returns for Australian beef shipments to $6.2 billion FOB, 35% higher year-on-year and a surge of 83% above the five-year average for the period. Strong international demand for Australian beef supported this growth, while the lower A$ improved the competitiveness of Australian beef relative to other suppliers like the US
All of Australia’s major beef export markets registered higher year-to-August export values than the same period last year:
- The US – $2.2 billion, up 81%
- Japan – $1.2 billion, up 22%
- Korea – $768 million, up 33%
- China – $640 million, up 41%
Interestingly, the year-to-August values to the US and China this year both more than tripled their respective five-year averages.
Furthermore, the average unit value for Australian beef exports for the eight month period was $6.84/kg – up 27% on last year.
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