Analysis of Chilled and Frozen Beef Exports: October 2023 and the First 10 Months of the Year

The cumulative total of the first 10 months of the year reveals that foreign sales of chilled and frozen beef were close to 560.4 thousand tons by product weight, for a value of approximately US$ 2,322 million.

Compared to the first 10 months of 2022, exported volumes are 6.2% higher; while the value obtained has been 23.3% lower, according to data from the ABC Export Consortium.

During last month, beef exports reached a volume close to 48.2 thousand tons of chilled and frozen beef product weight, for a value of around 181.9 million dollars.

Compared to the month of September 2023, the volumes shipped show a moderate drop, –3.4%–, while the value obtained shows a significant decline: 9.7%.

Compared to October of last year, exported volumes are 10.1% lower; while the value obtained is 32.6% lower.

The average export price of chilled and frozen beef was US$3,777 per ton in October.

This value is 6.5% lower than that obtained last September and 25.0% lower than the average price of October 2022, which had been US$5,034 per ton.

A downward trend in prices is observed in the main destinations from May 2022 onwards. The average US$3,777 per ton obtained in the month of October is more than US$2,500 per ton below the maximums recorded in the month of April of last year.

“The People’s Republic of China is the main export destination, both for the month of October and for the accumulated of the first 10 months of the year. In the last month, 10.1 thousand tons of bone-in meat and bovine bones resulting from slaughtering were shipped to China, worth 14.4 million dollars, and 28.8 thousand tons of boneless beef, for worth 98 million dollars. China represented 80.9% of exported volumes in October 2023; and 77.9% of the accumulated in the first 10 months of the year. The average price of boneless meat sales to China in October 2023 was around US$3,400 per ton, well below the maximum of US$5,900 obtained in May 2022,” said Mario Ravettino, president of the ABC Consortium.

2023-11-23 17:40:09
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