According to the FAO (Food and Agriculture Organization) global beef output in 2003 is expected to be about one per cent up on last year, at 61.9 million tonnes. However, in many of the world's largest producing and trading countries production willdecline this year, the result of falling cattle numbers and dry weather conditions in the past year or so. In the United States, cattle numbers this year were at their lowest since 1990 and beef production has fallen. Nevertheless, the weaker US dollar has helped exports to continue to rise and, despite another decline in production forecast for next year, exports are expected to increase again in 2004. In Australia, another country affected by drought and falling cattle supplies, production has also fallen. In this case, however, exports have fallen because the strength of the Australian dollar has made exports less competitive.
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