US beef trade counts cost of yuan devaluation
08/10/2015
Buying nations’ currencies moving significantly lower included the Korean won, the Taiwanese dollar and the Mexican peso. On the competitor side, the Australian, New Zealand and Canadian dollars traded at the lowest levels since the global financial crisis, the Brazilian real hit record lows in September, and the euro and the Chilean peso are at their lowest levels in 12 years.
“Although our direct red meat exports to China are quite limited, the aftershocks of China’s currency devaluation and concerns about the global economy were felt across the world,” said Philip Seng, CEO of the US Meat Export Federation. “This definitely impacted demand in many of our key export destinations.”
Australian cattle producers are rebuilding their herds after nearly three years of drought-induced liquidation.
“A long-awaited slowdown in Australian cattle slaughter finally materialized this summer, and Australian beef exports have begun to pull back from their record pace,” Seng added.
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