As China pays a higher average beef price, the pace of beef exports picks up

The average beef price paid by China makes exports of fresh, chilled, or frozen beef stand out in the second week of February, according to data released on the 14th by the Brazilian Foreign Trade Secretariat (Secex).

According to SAFRAS & Mercado analyst Fernando Henrique Iglesias, the current strength of beef exports is impressive. “We have to say that the average beef price is spectacular, and the volume and revenue are also good,” he explains, “which gives the market relief after the Chinese embargo in the fourth quarter of 2021.”

“The average price paid for the product has increased significantly; China pays well, around US$ 6,250.00, while the average for the other major markets is US$ 4,072 thousand. Our impression is that China is trying to fill in the gap that resulted from last year’s embargo,” assesses Iglesias.

Beef export revenue in early February was US$ 404,279,552, which represents 87.2% of the amount earned in February 2021, which equaledUS$ 463,474,718. In terms of volume, the 73,446,266 tonnes shipped account for 72% exported in February of last year, which totaled 102,103,074 tons.

The daily average revenue projection for the month is US$ 44,919,950, up 74.5% from February 2021. There was a 16.9% decrease in the previous week compared with last week.

The daily average of tonnes processed was 8,160,696, an increase of 43.9% compared to the same month in 2021. Compared to the previous week’s result, there is a decrease of 17.6%.

In February, the price paid per ton was US$ 5,504,426, a 21.3% increase from February last year. However, compared to the previous week’s result, the result represents a slight increase of 1%.

Source: Notícias Agrícolas

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