Significant drop in export of South American beef
The combined beef exports of Brazil, Argentina and Uruguay are expected to fall by 13pc this year as beef supplies in most key exporting regions tighten.
The latest analysis of global markets by Bord Bia has identified lower volumes of beef for export not only in South America but also within Europe.
Strong export volumes to Russia and Turkey, which took a combined 143,000t in the first half of this year, have provided a new outlet for European beef.
"This, together with some tightening in supplies across a number of EU member states and a 14pc fall in EU imports, is helping to offset the ongoing slow consumer demand for beef across Europe," said Peter Duggan, of Bord Bia's strategic information service.
Mr Duggan added that global beef prices have continued to increase, with prices so far this year rising by 11-26pc in Uruguay, Argentina, Brazil, Australia and the United States.