Brazilian beef exporters see shipments growing 10 percent in 2018 after rising an estimated 9 percent this year despite corruption and food safety scandals that temporarily closed off major markets
Trade group Abiec on Thursday said Brazil, the world’s largest beef exporter, would likely sell 1.68 million tons of beef abroad next year, up from 1.53 million tons in 2017. Revenue is expected to rise about 11 percent to $6.9 billion in 2018, after a 13 percent rise this year to $6.2 billion.
Such robust growth suggests the sector has bounced back quickly from a bombshell investigation in March named “Weak Flesh,” which alleged that some meatpackers had bribed health inspectors to evade safety checks.
The probe prompted a nearly 25 percent drop in beef export revenue in April from the prior month, Abiec said, as countries temporarily banned Brazilian imports due to the probe.
Abiec said the industry recovered quickly, however, boosting beef export volumes and revenue in four consecutive months from May to August while dealing with fallout from the probe.
Hong Kong, China and Russia are among the main importers of Brazilian beef, buying a combined 703,000 tons in the first eleven months of the year.