Strong results for US beef exports in H1 2018
US beef muscle cut exports have reported a new record in terms of volume in June with a year over year increase of 15% to 90,745 metric tons (mt). USMEF says that together with variety meat exports, the total beef export volume reached 115,718 mt, up 6 percent, valued at $718.4 million – up 19 percent year-over-year and only slightly below the record total ($722.1 million) reached in May.
Analysts at USMEF say first-half exports set a record pace in both volume and value as international customers bought a larger share of U.S. beef production at higher prices, indicating strong demand. Export volume was up 9 percent from a year ago to 662,875 mt while export value was just over $4 billion, up 21 percent. In previous years, export value never topped the $4 billion mark before August.
“It’s remarkable to think that as recently as 2010, beef exports for the entire year totaled $4 billion, and now that milestone has been reached in just six months,” noted Dan Halstrom, USMEF president and CEO. “This should be a source of great pride for the beef industry, which has remained committed to expanding exports even when facing numerous obstacles. And with global demand hitting on all cylinders, there is plenty of room for further growth.”
The results for US beef exports in June were also remarcable and sustained the total increase reported in the first half of 2018. USMEF says June exports accounted for 13.4 percent of total beef production, up from 12.8 percent a year ago. For muscle cuts only, the percentage exported was 11.3 percent, up from just under 10 percent last year. First-half exports accounted for 13.5 percent of total beef production and 11 percent for muscle cuts – up from 12.8 percent and 10 percent, respectively, last year. Beef export value averaged $313.56 per head of fed slaughter in June, up 19 percent from a year ago. The first-half average was $316.94 per head, up 18 percent.
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