Uruguay’s revenue from meat exports dropped 25% year-on-year, some US$ 350 million less, according to data released this week by the National Meat Institute (INAC). In the first five months of 2023, US$ 1.055 billion worth of bovine meat was exported, clearly below the US$ 1.408 billion obtained in the same period of 2022.
From the beginning of January to the end of May, 245 thousand tons (shipping weight) were embarked (considering all products from the meat industry), whereas last year, 280 thousand tons were exported. Therefore, there was a drop in the volume of some 12.5%.
Currently, the average price per ton stands at US$ 4,112, compared to US$ 4,626 recorded during the corresponding period in 2022, representing an 11% decrease in the average ton value.
Uruguay's main beef clients are China, Nafta (US and Canada), the European Union, Mercosur and Israel.
Considering beef exports alone, which account for 79% of the total foreign exchange income earned by the Uruguayan meat industry, revenues fell 25% year on year, reaching US$ 800 million, down 17.5% in volume, that is 189,000 tons, (dressed weight).
The commodity’s Average Export Revenue (IMEx) for the current year is US$ 4,409 per ton, a significant decrease of 13% from the value of the same period the previous year (US$ 5,088).