According to Meat & Livestock Australia (MLA), while the Australian herd rebuild is maturing and exports are beginning to rise, Australia's main competitors continue to face challenges. This has ultimately improved Australia's trading outlook and highlighted the strength of Australian beef in the global market.

Australian beef exports for the first three months of 2023 totalled 220,828 tonnes - 25 per cent more than 2022 and the highest volume since 2020.

March saw the largest uptick, with exports 33 per cent above year-ago levels at 98,879 tonnes, the highest since 2019. The increase in exports will be welcome news for exporters and reflects strong on-farm conditions over the past few years.

MLA says the increase in exports is well-timed, as beef production in the United States has begun to decline slightly from historically elevated levels and Brazilian exporters have faced challenges shipping product to market.

As one of Australia's main competitors and a major export destination in its own right, the US plays an important role in determining global supply. Last year saw record US exports as a difficult drought brought on a herd destock event, with surplus beef production exported.