Global beef production is projected to decline slightly in 2023. Declines in beef production in the United States and the European Union more than offset increased beef production in Australia and modest increases in Mexico and India. Changes in beef production and consumption will affect global beef imports and exports next year.
Brazil is expected to continue to be the largest exporter of beef in 2023 with a slight increase in beef production. Brazil’s beef exports are limited by declining beef imports to China. Brazil exports significantly more beef than the next three exporting countries.
Australia is now in recovery mode after drought has reduced livestock and beef production in recent years. Australian cattle prices have fallen from historic highs, and beef exports are expected to rise, helping Australia regain his second spot.
The United States will be the second largest beef exporter with record or near-record exports in 2022, but a decline in beef production, higher beef prices and a continued strong dollar could reduce exports. The United States could drop to her No. 4 spot, which has been held frequently over the past year.
India is the remaining top four beef exporters, with stable exports expected in 2023. India exports large amounts of buffalo meat (Karabeef) to low-end markets in Indonesia and Malaysia.
China/Hong Kong has been the world’s largest importer of beef since 2018, and by 2023 will double as the largest. The United States was the largest beef importer for many years before imports from China/Hong Kong surged in recent years. China/KH beef imports may decline for the first time in 2023. This is as the country grapples with the recession and maintains zero Covid control.
U.S. beef imports are likely to rise slightly as beef production declines and the supply of processed beef plummets. Rising US beef prices and a stronger dollar will attract beef to the US from other markets.
Japan and South Korea, the third and fourth largest beef import markets, are expected to see a slight increase in beef imports in 2023.