Brazilian Beef Exports Fall 22% in 2008
AUSTRALIA - During January to August 2008, Brazilian beef exports fell 22% year-on-year to 711,716 tonnes swt, while revenue was up 18% as average export prices increased 50% to US$3818/tonne swt.
4 September 2008
1 minute read
Exports have been affected by an appreciating local currency (which has increased 22% against the US$ year-on-year), low supplies (cattle prices have increased 70% to US362¢/kg cwt last week in Sâo Paulo) and higher prices in the domestic market.
In August, beef exports totalled 96,079 tonnes swt, down 13% year-on-year, while average prices reached a record US$4,341/tonne swt, up 57% on August 2007.
It is expected that exports will remain low during 2008, as cattle prices are not forecast to decrease until 2010, beef production is expected to fall 5% this year (AgraFNP), and the Brazilian Central Bank has raised the cash rate to 13% p.a. (with further increases expected until 2009) adding pressure to the appreciation of the real.
TheCattleSite News Desk
