Uruguay beef exports in 2016 increased from 387,000 tons in 2015 to 440,000 tons. According to Meat Institute (INAC) President Federico Stanham, it is the largest volume produced in a decade (La Republica, 21 December 2016). INAC projected prices will close 2016 with an average price close to $3,400; a 10 percent decrease from 2015. The decrease in price is due to fifteen years of fluctuating prices. China is the primary destination for beef exports. The European Union only accounts for 12 percent of total beef volume exports (second largest market). The third largest market is NAFTA (Mexico, USA and Canada) with 23 percent (El Pais, 21 December 2016).