Brazil beef exports down 20% in March; revenue drops 37% – industry association

Brazilian beef exports (fresh and processed) totaled 162.8 thousand tonnes in March, down 20% year-on-year. Brazil saw a 37% drop in revenue to US$ 709.4 million. This data is from the country’s Foreign Trade Secretariat and compiled by the Brazilian Meatpackers Association (Abrafrigo).

The decrease in shipments was due to a month-long embargo on Brazilian beef bound for China following an atypical case of “mad cow disease.” In addition to the suspension in shipments, the drop in average export prices contributed to the result registered in March.

The average beef export price in March this year was US$4,537 per tonne, down 21.15% compared to March 2022, when the average price was US$5,525 per tonne.

Beef exports in 1Q23 and main destinations

In the first quarter of the year, the revenue from exports totaled US$ 2.255 billion, while last year, in the same period, revenue was US$ 2.895 billion, a drop of 22%.

Additionally, the amount of beef handled decreased, falling by 8% from 542,410 tonnes in the first quarter of 2022 to 498,888 tonnes in the same period this year.

See below the track record of Brazilian beef exports (hs codes 0201, 0202) from Jan 2019 to Feb 2023. The data is from DataLiner.

Brazil beef exports | Jan 2019 – Feb 2023 | WTMT

Source: DataLiner (click here to request a demo)

Brazil’s top export market, China, brought in US$ 1.118 billion and handled 228,235 tonnes in the first quarter of 2023, representing declines of 28.2% in foreign currency inflows and 7.1% in volume, respectively.

In the second place, the United States reduced its purchases: revenue fell from US$ 356.6 million last year to US$ 254.5 million in 2023. The volume handled, in turn, decreased from 69,799 tonnes to 57,990 tonnes.

Chile was in third place, with revenue of US$ 90.9 million this year, against 91.1 million in 2022 (0.2% decrease), and movement of 19,259 tonnes, against 18,679 tons last year, up 3.1%.

Egypt came in at the fourth position, with revenue for the quarter falling by 53.7%, from US$ 167.6 million in 2022 to US$ 77.6 million in 2023. Volume decreased from 43,706 tonnes to 22,150 tonnes, a decrease of 49.3%.

Source: Money Times

To read the original news article, please check: https://www.moneytimes.com.br/abrafrigo-exportacoes-de-carne-bovina-recuam-20-em-marco-receita-cai-37/

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