Brazil’s beef exports drop 29%: analysis of key buyers and market trends to 2023

In July this year, Brazil witnessed a 29% drop in beef exports while only marking a 1% increase in volume.

The country earned US$877.1 million from 205,612 tons of beef exports. In contrast, in the same month of 2022, earnings stood at US$1.229 billion from selling 203,592 tons.

The Brazilian Frigorificos Association (Abrafrigo) survey indicated a 22% drop in the yearly accumulated revenue, amounting to US$5.811 billion, down from US$7.461 billion in 2022.

Beef sales to China, a significant buyer, also decreased. The Asian country bought 93,691 tons, generating US$447 million.

The previous year’s purchase was 111,945 tons, translating to a revenue of US$786.22 million.

Regardless of this dip, China remains the top buyer of Brazilian beef from January to July, with 2023 seeing sales of 611,987 tons (US$3.059 billion) compared to 654,686 tons (US$4.462 billion) in 2022, marking a 6.5% decline in volume and a 31.5% decrease in value.

The association suggests that China’s performance has been a significant influence on this year’s beef sales figures.

Moreover, the appreciation of the Brazilian real against the US dollar has affected exporters’ revenues.

The U.S., the second-largest buyer of Brazilian beef until July 2023, increased its imports by 25% in volume to 142,662 tons.

However, there was a 12.3% revenue drop, totaling US$ 557.8 million.

Chile, ranking third, showed an uptrend in beef imports with 57,199 tons (a 36.3% rise) in 2023, amounting to US$ 280.8 million in revenue.

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