Fresh meat exports hit all-time high in July

Brazilian fresh beef exports reached 276,900 tons in July, the highest volume ever, up 16.7% year-over-year. Year-to-date for 2025, the increase is 13.7%. The average price for the month was USD 4,270/t, up 1.9% compared to June and 25.9% above July 2024.

Despite the impressive result, beef was left off the list of products exempt from the new US tariff. Since August 6, shipments to the United States have been subject to a tariff of 50% on top of the 26.4% already applied outside the quota, totaling 76.4%, which virtually makes shipments to this market unfeasible.

The export spread in July rose to 15%, compared to 10% in June, reflecting the 4.2% drop in the price of beef in dollars and the 1.9% increase in beef prices. A year ago, the indicator was at 19%, while the ten-year historical average is 9%, keeping the industry at comfortable levels both domestically and internationally.

Even without American purchases, the export outlook remains positive and has the potential to absorb the strong supply. Even so, with projected margins of up to R$1,000 per head at current futures prices, the Itaú BBA report recommends hedging to reduce risks in the face of potential market surprises.