Strong US beef exports in 2017
Furthermore, the beef export value was also the second-largest of 2017 at $666.4 million, up 8% year-over-year. January-November export volume totaled 1.15 million mt, up 7%, while export value climbed to $6.6 billion – up 15% from a year ago and slightly above the record pace established in 2014.
Beef exports accounted for 13.1% of total production in November, the highest since July but down from 14.9% in November 2016. For muscle cuts only, the percentage exported was 10.9% – down from 11.7 percent in 2016. For January through November, beef exports accounted for 12.8 percent of total production (down from 13.5% in 2016) and 10.3% for muscle cuts (steady with 2016).
November beef export value averaged $306.63 per head of fed slaughter, up 4% from a year ago and the highest in nearly three years. January-November export value averaged $282.34 per head, up 9%.
Japan and Hong Kong drive the growth of US beef exports
Japan continued to be the pacesetter for U.S. beef exports in November, with volume increasing 5% year-over-year to 24,819 mt and value up 6% to $159.2 million. This pushed Japan’s 11-month totals to 285,336 mt (up 20%) valued at $1.75 billion (up 27 percent and a new post-BSE record). Chilled beef exports reached 137,707 mt through November, up 35%, valued at a record-high $1.02 billion, up 39%.
Approaching Chinese New Year, beef exports to Hong Kong gained momentum in October and climbed again in November, with volume up 20 percent from a year ago to 16,106 mt (the largest since December 2014) and value soaring 43% to $119 million. Through November, exports to Hong Kong climbed 13% in volume (113,440 mt) and 26% in value ($765 million).
November exports to China were 655 mt, the largest since the mid-June market opening, valued at $5.7 million. Through November, exports reached 2,225 mt valued at $22.8 million.
“U.S. beef has only really scratched the surface in China, so exports are still relatively small but the value per pound is among the highest in the world,” Halstrom said. “This makes China an exciting addition to our strong portfolio of Asian markets, where beef exports continue to expand at an impressive rate. 2017 was a tremendous year for U.S. beef in Asia, and the coming year looks very promising as well.”
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