The restructuring of markets for the Uruguayan meat industry has allowed it to maintain its export revenue levels.
A restructuring of the supplied markets allowed Uruguayan meat sector exports to maintain their income levels this year, compared to the 2023 figures, the National Meat Institute (INAC) reported at the event in which it presented the closing of statistics for 2024.
China bought significantly less, but two other markets made up for that.
At a working breakfast held this Thursday 12th at the Hyatt Centric hotel in Montevideo, an activity in which the Center for Studies of Economic and Social Reality (Ceres) participated, Jorge Acosta - INAC Information Manager - indicated that total export revenues from the meat sector in 2024 will be close to US$ 2.6 billion, a value similar to 2023.
Global income therefore remains above historical averages in current terms.
The Chinese market, it was explained, again showed a significant decrease (-33%) in revenues and will generate total foreign currency that will exceed US$ 800 million (32% of the total), a new reduction that means US$ 400 million less than the previous year.
On the other hand, the USMCA market (United States, Mexico and Canada) is growing in its share and reaches 30% of total revenues, for which it showed a growth of +31% and would be close to US$ 800 million.
For its part, the European Union (EU) would grow by 17% and reach US$ 400 million by the end of 2024 (15% of the total).
BEEF
In 2024, beef will show a sales volume (-0.3%) and an average valuation (IMEx-Average Export Income) similar to 2023.
Some 490 thousand tons (carcass weight) would be exported with an average value above US$ 4,200/ton carcass weight, which would reiterate the contribution of beef above US$ 2,000 million.
China again reduced its volume share by 30% and average price by 8%.
Meanwhile, the United States compensates with a 64% growth, explained by a doubling compared to 2023 of the extra-quota exports, reaching nearly 80 thousand tons of product weight and with a total price similar to 2023.
For its part, the EU increases its volume by +23% and with a similar total price (+1%).
Regarding the main tariff quotas available to Uruguay for beef, it is worth mentioning that they have been fully utilized, with prices up 11% for the Hilton Quota and 8% for the United States Quota.
SHEEP MEAT
Regarding sheep meat, it is worth mentioning a 34% decrease in volume compared to 2023, which could reach 17 thousand tons of carcass weight, with a dramatic 70% reduction in China as a destination.
The average IMEx value for sheep meat would close 2024 at close to US$ 4,000/ton carcass weight, an average value similar to the previous year.
For its part, Brazil maintains its volumes, but increases its share to 28% with values above the average (US$ 5,420/ton pc), while USMCA and EU again decrease their share (to values of 5% and 2%, respectively) with IMEx values below the global average.
