In the first ten months of 2023, China emerged as the main buyer of Brazilian beef, accounting for 49% of Brazil’s beef exports.
This amounted to 980,016 tonnes, as per the Brazilian Association of Refrigerators (Abrafrigo). The sales to China brought in $4.819 billion between January and October.
Abrafrigo’s report reveals Brazil’s total beef exports reached nearly 2 million tonnes globally.
This total, 1,998,893 tonnes, almost matched last year’s figure. However, there was a notable drop in earnings.
Export revenue fell by 23%, from $11.370 billion to $8.760 billion. The decline happened because buyers paid less per tonne.
Last October, the price was $5,228 per tonne. This October, it was $4,078.
In China, Brazil saw a 7% drop in beef volume sold. Their earnings from these sales decreased by 32.3%.
The United States ranked as the second-largest buyer. They accounted for 8% of Brazil’s beef exports or 235,903 tonnes.
This was a 49.1% increase from last year. However, the revenue slightly decreased by 0.9%.
Chile came in third. They bought 82,314 tonnes of Brazilian beef, a 28.8% increase. These purchases brought Brazil $400 million, a 24% increase.
In October alone, Brazil exported 240,946 tonnes of beef. This was 2.94% more than the previous year. But, the month’s earnings dropped by 20% to $982.6 million.
Overall, 74 countries increased their Brazilian beef purchases this year. Meanwhile, 96 countries reduced their purchases.
Background
The dominance of China in Brazil’s beef exports indicates a strong trade relationship. This trend has been growing over recent years.
Brazil’s beef industry relies heavily on exports to China. The recent decline in revenue, despite stable export volumes, raises concerns.
It reflects global market dynamics and pricing pressures. Comparatively, Brazil’s beef exports are performing better than some other meat-exporting countries.
Historically, Brazil has been a leading global beef exporter. The country’s ability to maintain high export volumes amidst global economic shifts is notable.
These trends show Brazil’s significant role in the global beef market. They also highlight the volatility and challenges in international trade.
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