USDA forecasts mixed fortunes for global meat markets in 2023

Global beef production is forecasted to see marginal decline in 2023 to 59.2 million tonnes. Although production gains are expected in China, Brazil, and Australia, these will be offset by declines in the US and the EU. Global exports are also forecast to decline, dropping 1.2% in 2023 to 12.1 million tonnes. This is linked to lower demand, particularly from China. Brazil is expected to achieve record high exports as key competitors such as Argentina, Paraguay, Uruguay, and India see supplies tighten. Reduced production is also expected to limit shipments to Southeast Asia from the US and Canada, which is anticipated to benefit Australia.

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