Global Processing

Australian beef exports expected to hit record

January 23, 2012

CANBERRA, Australia — An increase in beef production in Australia combined with growing demand in the U.S. and emerging markets should increase Australian beef exports to a record 975,000 boneless metric tons in 2012, according to industry projections issued Monday reports MarketWatch.

The fastest growing export markets in 2012 are expected to be the U.S., Russia and a range of smaller markets in Asia, which will offset expected declines in shipments to Japan and South Korea, two of the three biggest markets, marketing concern Meat & Livestock Australia Ltd., or MLA, forecast in its annual cattle industry projections statement.

Beef exports were valued at around 4.5 billion Australian dollars (US$4.7 billion) last fiscal year ended June 30. Exports account for about two-thirds of domestic production with the balance sold locally.