Australia and the EU are longstanding and like-minded trade partners, with overall bilateral trade in goods worth €47.6 billion in 2018.
This includes trade in agrifoods, worth a total of €5.45 billion in 2018. The balance of trade is in the EU’s favour in this area, with a trade surplus of €1.3 billion in 2018. For example, 2018 EU pork exports to Australia (€203 million) comfortably outweighed Australian beef exports to the EU (€157 million) .
Australian red meat exports to the EU are currently restricted by the EU’s low volume import quotas and high out-of-quota import tariffs. Australia consistently fills its country-specific quotas and once fully subscribed is unable to respond to additional EU customer demands for high quality imported red meat.
MLA hopes that the EU Australia Free Trade Agreement (FTA) currently under negotiation will provide more opportunities for two way trade, including in high quality Australian red meat.
Global Beef Data
Source: USDA, IHS Markit, MLA calculations
Bubble size reflects 2018 production and colours reflect region