New value record for US beef exports in May
Beef export volume was 117,871 metric tons (mt) in May, the sixth-largest on record, valued at a remarkable $722.1 million, which surpassed the previous monthly high (March 2018) by a healthy 4 percent and was 24 percent higher than a year ago. Through the first five months of 2018, beef exports were up 10 percent in volume to 547,157 mt while export value was $3.32 billion, 21 percent above last year’s record pace.
Exports accounted for 13.6 percent of total beef production in May, up from 13 percent a year ago. For muscle cuts only, the percentage exported was 11.1 percent, up from 10 percent last year. For January through May, exports accounted for 13.5 percent of total beef production and 10.9 percent for muscle cuts – up from 12.8 percent and 10 percent, respectively, last year.
Beef export value averaged $313.39 per head of fed slaughter in May, up 18 percent from a year ago. The January-May average was $317.69 per head, also up 18 percent.
Japan and South Korea continue to be the pacesetters for U.S. beef export growth. In May, export volume to Japan totaled 30,117 mt (up 19 percent from a year ago) valued at $196.8 million (up 22 percent and the highest since August 2017). Through May, exports to Japan were up 4 percent from a year ago in volume at 128,207 mt while value increased 13 percent to $822.9 million. This included a 6 percent increase in chilled beef volume to 61,178 mt, valued at $488 million (up 18 percent).
May exports to Korea were up 46 percent from a year ago in volume (20,781 mt) and jumped 64 percent in value to a record $146.2 million. For January through May, exports to Korea climbed 34 percent to 91,875 mt, valued at $647.3 million – 49 percent above last year’s record pace. Chilled beef exports to Korea totaled 20,365 mt (up 30 percent) valued at $196 million (up 41 percent).
“Despite the intense competition U.S. beef faces in Japan and Korea, these markets continue to display a terrific appetite for a growing range of cuts,” said USMEF President and CEO Dan Halstrom. “Beef items that are traditionally popular in Asia continue to perform and other items more suitable for thick-cut steaks and barbecue concepts are gaining more traction, resulting in exceptional growth opportunities. But the enthusiasm for U.S. beef extends well beyond these two leading markets, and that’s how exports have reached this record-breaking pace.”
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