August beef exports were 44% above the five-year average, reaching the second-highest single-month volume, the first being the previous month. Year-to-date volumes are now 18% above last year, in which a new calendar year record of 1.34 million tonnes was set. The US remained Australia’s biggest market with just shy of 30% of the share, and although it took slightly less volume (1%) than the same month in 2024, there is now a 10% tariff that wasn’t there 12 months ago. According to the latest Steiner Consulting Group US imported beef market report, American cow slaughter is down 20% year-on-year and 50% lower than three years ago, supporting the trade of Australia’s 90CL beef. Year-to-date beef exports from Australia to the US are up 22%.
Australian beef exports to South Korea hit a monthly record in August, increasing 18% year-on-year, and 36% more than the five-year average for the month. Year-to-date volumes are now up 17% from 2024, and this means we could have already hit the trade agreement safeguard quota, with remaining exports to this market now subject to a 24% tariff. China took 8,000 fewer tonnes of Australian beef in August than in July; however, trade was still at a record for that particular month, and 54% above the five-year average. It comes as Australia already hit its safeguard quota with China in July, and beef will now face additional tariffs.
Year-to-date, Australian beef exports to China are up 50%, while grainfed product specifically is up nearly 60%. It also rose last year, when total beef exports were lower year-on-year. China is having to look elsewhere for its grain-fed product since trade relations with the US have diminished, and Australia is one of those destinations. This comes as second-quarter cattle on feed rose yet again, to 1.57 million head, an increase of 5% from the previous three months. It is the seventh consecutive quarter of rising numbers on feed, which has led to record grainfed beef exports, with the top 15 monthly figures occurring since the start of 2024. Capacity only grew by 3%, to 1.7 million, meaning utilisation hit 93%, also a record for the sector.