Beef: Total exports fall 20% in revenue in October; rise 2.9% in volume

In October, total beef exports amounted to $982.6 million, a 20% decline compared to the $1.223 billion earned in the same month last year. Brazil’s outbound shipment volume remained virtually unchanged at 240,946 tonnes, a 2.94% increase from the 234,063 tonnes in October 2022. These figures were released by the Brazilian Association of Meatpackers (Abrafrigo), based on data from the Foreign Trade Secretariat (Secex) of the Ministry of Development, Industry, Trade, and Services (MDIC).

“The drop in product prices on the international market, which has been intensifying since the beginning of the year, continued to impact the overall performance of Brazilian beef exports (fresh + processed),” stated the association in the release.

Year-to-date, revenue has fallen by 23% through October. In 2022, the year-to-date revenue until October was $11.37 billion; in 2023, the country exported the equivalent of $8.76 billion until October. There has been a slight growth, less than 1% in terms of volume. So far this year, 1.998 million tonnes of beef have been shipped, compared to 1.994 million tonnes in 2022.

The chart below shows the volume of beef exports from Brazil between Jan 2019 and Sep 2023. The data is from DataLiner.

Beef exports from Brazil | Jan 2019 – Sep 2023 | WTMT

Source: DataLiner (click here to request a demo)

The average price also saw a decline. In October 2022, it was $5,228 per tonne, dropping to $4,078 per tonne in October 2023. “For the year-to-date, the average price in 2022 was $5,727 per tonne. In 2023, the value dropped to $4,381.”

China remains the primary importer of Brazilian beef year-to-date, accounting for 49% of Brazilian sales. In 2022, the Asian country represented 53.1% of the total exported during the same period. Until October, China was responsible for revenue of $4.723 billion, marking a 32.3% decline in foreign exchange earnings. Last year, until October, revenue was $6.979 billion. Average prices fell from $6,621 per tonne in 2022 to $4,819 this year. Volume also saw a 7% decline, dropping from 1,054,088 tonnes in 2022 to 980,016 tonnes in 2023.

The United States remains the second-largest importer of Brazilian beef, increasing its share from 8% in 2022 to 11.8% by October 2023. Movement increased by 49.1%, going from 158,260 tonnes in 2022 to 235,903 tonnes in 2023, but revenue fell by 0.9% due to reduced product prices.

Source: Broadcast Agro

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