Australia: Livestock and Products Annual

Australian beef supply is forecast to recover in 2024 to the point of reaching the sixth highest production on record. The 2024 forecast is after a significant turning point in 2023, where production is estimated to grow by 16 percent from the lows of 2021 and 2022 not seen for 25 years because of a strong herd rebuild phase restricting cattle supply for processing. Beef exports are forecast to reach the fourth highest on record in 2024 and regain some market share in three of its biggest Asian market destinations. Australian pork production is forecast to increase slightly in 2024 after strong growth in 2023. The rise in pork production is forecast to result in a slight increase in exports but lower than usual imports. Pork imports from the United States are expected to revert to past dominance of in excess of half of overall imports.