Beef Exports: Uruguay Leading the Charge to Reduce Dependency on China

Uruguay’s beef exports are making significant inroads into North American markets, pushing China to the second spot as the top revenue-generating export destination. Uruguay has been the most successful in this endeavor, while Brazil, Australia, and New Zealand have also decreased their share of the Chinese market this year (with Argentina being the exception).

According to Abrafrigo, from January to August 10 of this year, Uruguay’s beef exports—which accounted for 81% of the total revenue from all meat exports—reached $1.223 billion, a slight increase of 0.1% compared to the same period last year, based on data from Uruguay’s National Meat Institute (INAC).

In terms of volume, beef exports rose by 7.1%, reaching 299.95 thousand tonnes. However, the average price of Uruguayan beef fell by 6.5% compared to the same period in 2023, standing at $4,079 per tonne.

The following chart shows Uruguay’s beef exports in containers from January 2022 to June 2024. The information comes from DataLiner.

Uruguay Beef Exports | Jan 2022 – Jun 2024 | TEUs

Source: DataLiner (click here to request a demo)

China No Longer Leading

The big news this year is that China is no longer the leading revenue source for Uruguayan beef exporters, according to INAC. The Asian giant has been overtaken by the North American bloc, with the United States playing a major role (Canada and Mexico made minimal purchases of Uruguayan beef). As of August 10, the U.S., Canada, and Mexico accounted for 32% of Uruguay’s total beef export revenue, totaling $390.8 million from 97,375 tonnes, according to INAC.

China trailed with a 30% share, totaling $371.5 million from 115,324 tonnes. The European Union ranked third, with 16% of purchases worth $196.1 million (27,736 tonnes). Israel and Mercosur took fourth and fifth place, generating $69.8 million (15,077 tonnes) and $61.6 million (9,644 tonnes), respectively.

Rounding out the top markets were Japan in sixth place with $24.8 million (6,270 tonnes), the United Kingdom in seventh with $23.4 million (3,555 tonnes), and Russia in eighth with $22.3 million (10,941 tonnes).

Source: Valor Agrícola

Original reporting available in Spanish: https://www.valoragro.com.py/ganaderia/carne-vacuna-en-la-busqueda-de-una-menor-dependencia-de-china-uruguay-sale-adelante/

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