Price for Frozen Boneless Cuts of Bovine Meat in Malaysia - 2023

Contents:

1. Price for Frozen Boneless Cuts of Bovine Meat in Malaysia (CIF) - 2023
2. Price for Frozen Boneless Cuts of Bovine Meat in Malaysia (FOB) - 2022
3. Imports of Frozen Boneless Cuts of Bovine Meat in Malaysia
4. Exports of Frozen Boneless Cuts of Bovine Meat in Malaysia

Price for Frozen Boneless Cuts of Bovine Meat in Malaysia (CIF) - 2023

The average import price for frozen boneless cuts of bovine meat stood at $3,364 per ton in December 2023, flattening at the previous month. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in April 2023 when the average import price increased by 11% m-o-m. Over the period under review, average import prices reached the peak figure at $3,515 per ton in June 2023; however, from July 2023 to December 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Australia ($5,551 per ton), while the price for India ($3,071 per ton) was amongst the lowest.

From December 2022 to December 2023, the most notable rate of growth in terms of prices was attained by India (+0.7%), while the prices for the other major suppliers experienced a decline.

Price for Frozen Boneless Cuts of Bovine Meat in Malaysia (FOB) - 2022

In 2022, the average export price for frozen boneless cuts of bovine meat amounted to $5,129 per ton, remaining relatively unchanged against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 24% against the previous year. Over the period under review, the average export prices attained the peak figure at $5,507 per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Sri Lanka ($7,334 per ton), while the average price for exports to Indonesia ($2,959 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+4.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Boneless Cuts of Bovine Meat in Malaysia

For the fourth consecutive year, Malaysia recorded growth in overseas purchases of frozen boneless cuts of bovine meat, which increased by 31% to 196K tons in 2022. In general, total imports indicated a strong increase from 2019 to 2022: its volume increased at an average annual rate of +13.9% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +47.7% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of frozen boneless cuts of bovine meat skyrocketed to $651M in 2022. Over the period under review, total imports indicated resilient growth from 2019 to 2022: its value increased at an average annual rate of +15.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.8% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Top Suppliers of Frozen Boneless Cuts of Bovine Meat to Malaysia in 2022:

1. India (177.5K tons)
2. Brazil (9.4K tons)
3. Australia (6.0K tons)

Exports of Frozen Boneless Cuts of Bovine Meat in Malaysia

For the fourth year in a row, Malaysia recorded growth in overseas shipments of frozen boneless cuts of bovine meat, which increased by 12% to 614 tons in 2022. Over the period under review, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 53% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, exports of frozen boneless cuts of bovine meat expanded remarkably to $3.2M in 2022. In general, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 69% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Top Export Markets for Frozen Boneless Cuts of Bovine Meat from Malaysia in 2022:

1. Singapore (211.9 tons)
2. China (75.1 tons)
3. France (74.9 tons)
4. Indonesia (51.7 tons)
5. Philippines (29.0 tons)
6. Cambodia (26.7 tons)
7. Germany (25.3 tons)
8. Denmark (25.0 tons)
9. United States (24.5 tons)
10. United Kingdom (23.7 tons)
11. Brunei Darussalam (16.1 tons)
12. Netherlands (13.5 tons)
13. Sri Lanka (9.5 tons)

Source: IndexBox Market Intelligence Platform