Another $1 Billion Month for US beef exports
US beef exports in April have surpassed the milestone of $1 billion for the third time this year, with 124,408 tonnes shipped abroad, up by 3% from a year ago, reveals the US Meat Export Federation (USMEF). From January through April, beef exports increased 5% from a year ago to 478,260 tonnes, valued at $4.05 billion (up 38%).
“Global demand for US beef continues to overcome enormous obstacles, from inflationary pressure to logistical challenges to the recent lockdowns in some of China’s major metropolitan areas,” said USMEF President and CEO Dan Halstrom. “Most encouraging is that even as beef exports climb to unprecedented levels in our largest Asian markets, demand is strengthening in other regions as well, fueled by a strong rebound in the foodservice sector.”
Halstrom cautioned that April results did not capture the full impact of recent COVID-19 lockdowns in China, some of which continued through May and into early June. The pressure inflation imposes on consumers’ discretionary income and the rising strength of the US dollar versus some key trading partner currencies are also growing headwinds for US red meat exports.
April beef exports to Taiwan reached new heights at 7,466 tonnes, up 41% from a year ago, while value climbed 36% to $87.1 million. Through April, exports to Taiwan increased 45% from a year ago to 25,889 tonnes, while value soared 85% to $314.3 million. In just four months, export value for Taiwan was already nearly halfway to last year’s annual value record of $668 million.
Beef exports to Japan trended higher in April, increasing 5% from a year ago to 26,663 tonnes, while value climbed 29% to $220.6 million. This pushed January-April exports to 98,842 tonnes, down 2% from a year ago but still slightly ahead of South Korea as the largest volume destination for US beef. Export value to Japan increased 24% to $814.8 million. This included a 47% jump in beef variety meat export value – consisting mostly of tongues and skirts – which reached $191.2 million.
April exports to Korea, the leading value market for US beef, were down slightly from last year at 23,212 tonnes, but export value still increased 26% to $231 million. January-April export value already topped $1 billion ($1.02 billion, up 49%), a record pace for any single destination. Export volume is also ahead of last year’s record pace, increasing 7% to 98,657 tonnes.
Mainland China and Hong Kong also absorbed 23,137 tonnes in April, worth $212.7 million (up 27%). Through April, exports to China/Hong Kong increased 28% in volume (85,374 tonnes) and 49% in value ($795.1 million), according to USMEF.
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