Government officials from the Australian state of Queensland are on a four-day trade mission to Japan aimed at reversing the decline in beef sales.
Japan is Queensland’s third-largest agricultural export market, with beef exports valued at A$1.3 billion ($855 million) in the 2022-23 financial year ending June 30, according to the Queensland government. . The Japan-Australia Economic Partnership Agreement, which came into force on January 15, 2015, gave Australian exporters better market access for goods and services and better investment protection.
The Queensland Government hopes its trade mission to Japan on November 20-23, featuring Queensland Agriculture and Fisheries Development Minister Mark Furner, will boost demand for the state’s beef exports. Australia’s beef production is expected to rise as processors increase cattle slaughter capacity to accommodate the large herd that has developed over the past three years of good rain.
Australia has entered a state of cattle herd liquidation with continued dry weather, leading to further cattle abandonment and increased beef production. This has increased the volumes needed for exports, so any improvement in trade flows to Japan will relieve the amount of beef stored in the country.
Australia’s share of the Japanese beef market by volume has dropped from 51.3 per cent in 2018 to 25 per cent in 2022. This followed increased competition from the United States, Canada, New Zealand and Mexico, along with the rebuilding of herds by Australian farmers.
Japan currently has up to 30% more imported beef stored in cold storage than last year, while buyers have slowed their orders as they clear some of the backlog, according to Meat and Livestock Australia.
Covid-19 lockdowns hit consumer demand at restaurants, and the higher cost of living pushed consumers to choose cheaper protein options.
2023-11-23 22:52:30
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