Annual Australian beef exports have averaged more than 70.0% of production over the last five years. Prior to 2010 this proportion was closer to 65.0%.
- This season the level of exports as a percentage of production remains above average, despite the lower export volumes we reported on earlier in the month.
- Beef exports as a proportion of production was at 68.2% during quarter one and at 77.4% in quarter two.
- Over the last five years the quarter one average has been 66.3%, while the quarter two average sits at 73.3%.
This suggests the below average beef export volumes we have seen in recent months are more to do with reduced production and supply than with significantly weakening demand.
Thanks to TEM subscriber @bjbatman for the suggestion to take a look at this.