Brazil exporting beef for lower prices

Global beef prices are falling, harming the industry. In March, Brazil, the world’s leading exporter of the product, shipped the tonne for USD 4,158, down 4.5% from USD 4,356 a year earlier, beef industry group Abrafrigo reported on Monday (15). The average price encompasses both processed and raw beef.

According to Abrafrigo, the first quarter saw average prices reach USD 4,033, down 10.7% from USD 4,520 a year ago. Whole-year prices of beef exported from Brazil had already fall by 23% in 2023 compared to 2022, from USD 5,582 to USD 4,276.

Nevertheless, Brazil has hit record highs in the volume of beef exports. In March the country sold 206,000 tonnes, up 27% year on year, grossing USD 856,9 million, up 21%. In Q1, 672,300 tonnes were exported, up 35%, grossing USD 2.7 billion, 20% more compared to the Q1 2023.

The following chart shows the number of TEUs of Brazilian beef exported from January 2022 to February 2024. The data comes from Datamar’s top-notch maritime trade intelligence service DataLiner.

Brazilian Beef Exports | Jan 2022 – Fev 2024 | TEUs

Source: DataLiner (click here to request a demo)

Beef exports to China, US, and UAE
According to Abrafrigo, China was the top buyer of Brazilian beef in Q1, at 41.1%, followed by the United States and the United Arab Emirates. The Arab country imported 41,100 tonnes, up 275.4% in volume, grossing a revenue of USD 188.5 million for Brazil, up 270.1%.

Source: ANBA

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