Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Australia - 2023

Contents:

1. Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Australia (FOB) - 2023
2. Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Australia (CIF) - 2022
3. Exports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Australia
4. Imports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Australia

Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Australia (FOB) - 2023

The average export price for fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat stood at $15,444 per ton in December 2023, surging by 23% against the previous month. In general, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the country of destination: the country with the highest price was Thailand ($29,434 per ton), while the average price for exports to South Korea ($8,318 per ton) was amongst the lowest.

From December 2022 to December 2023, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Australia (CIF) - 2022

The average import price for fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat stood at $10,240 per ton in 2022, picking up by 1.6% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 24%. Over the period under review, average import prices attained the peak figure at $10,411 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for New Zealand.

From 2013 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to +3.5% per year.

Exports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Australia

In 2022, overseas shipments of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat decreased by -0.7% to 6.8K tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 2.4%. As a result, the exports attained the peak of 6.9K tons, leveling off in the following year.

In value terms, exports of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat expanded remarkably to $100M in 2022. In general, total exports indicated strong growth from 2019 to 2022: its value increased at an average annual rate of +12.1% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +41.0% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of 29% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Top Export Markets for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat from Australia in 2022:

1. South Korea (3420.6 tons)
2. China (613.3 tons)
3. United States (405.1 tons)
4. United Arab Emirates (387.5 tons)
5. Singapore (329.4 tons)
6. Netherlands (228.1 tons)
7. Taiwan (Chinese) (186.9 tons)
8. Japan (186.6 tons)
9. Thailand (142.9 tons)
10. Indonesia (135.7 tons)
11. Saudi Arabia (132.6 tons)
12. Malaysia (127.8 tons)
13. Hong Kong SAR (123.5 tons)

Imports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Australia

In 2022, imports of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat into Australia surged to 4.9 tons, with an increase of 238% compared with the previous year's figure. Over the period under review, imports continue to indicate tangible growth. The most prominent rate of growth was recorded in 2020 when imports increased by 350% against the previous year. As a result, imports reached the peak of 20 tons. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat skyrocketed to $50K in 2022. Overall, imports posted strong growth. The most prominent rate of growth was recorded in 2020 with an increase of 435%. As a result, imports attained the peak of $207K. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.

Top Suppliers of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat to Australia in 2022:

1. New Zealand (4.9 tons)

Source: IndexBox Market Intelligence Platform