Australia: Livestock and Products Semi-Annual

Australian beef supply is forecast to climb after the herd rebuild period ends. The marked slowdown in the growth of the national herd is expected to drive a higher female slaughter rate, increase the overall supply of cattle for slaughter, and boost live cattle and beef exports in 2024. Live cattle exports are forecast to surge by 36 percent and beef exports are expected grow nine percent, the fourth highest level on record. Australia is set to regain beef export market share in its key markets the United States, China, Japan and South Korea after low supply in recent years during the national herd rebuild. Pork production is forecast to continue its growth trajectory in 2024, but imports and exports are expected to remain relatively flat. A growing population and moderating cost of living pressures are forecast to support the growth of pork and beef consumption.