Market News & Headlines >> Brazil Beef Exports Seen Recovering
Brazil's beef exports are seen returning to normal levels in coming weeks as the country's efforts to reverse import restrictions implemented by numerous countries in the wake of last month’s meat inspection scandal have started to bear fruit, a Brazilian industry group said on Friday.
"As Brazil's main clients resume purchases from Brazil, shipments will return to levels close to normality between April and May," the ABRAFRIGO, the Brazilian Association of Refrigerators said in a statement.
In March, Brazil exported 124,880 metric tons of fresh and processed beef products, an 8% drop from the same month a year ago. These exports generated $489 million in revenue, a 3% drop, Abrafrigo said after compiling government data released earlier last week. In the first quarter of 2017, Brazil exported 331,788 tons of beef down 7% from a year earlier, earning revenues of $1.3 billion, down 3%.
Slower sales both domestically and internationally have caused Brazil’s top three beef processors to announce temporary suspensions of production at a number of their facilities. Top processor JBS SA last week announced a 20-day furlough of workers at 10 of its 36 Brazilian facilities.