US beef exports still on the rise
August beef exports totaled 112,069 metric tons (mt), up 5 percent from a year ago and the largest of 2017. Export value was the second-highest on record at $679.1 million – up 20 percent from a year ago and trailing only the record-high value ($688.8 million) reached in October 2014. For January through August, beef exports increased 10 percent in volume (823,433 mt) and 16 percent in value ($4.65 billion) compared to the first eight months of 2016.
Exports accounted for 12.5 percent of total U.S. beef production in August and 10.4 percent for muscle cuts only, compared to 13.7 percent and 10.3 percent, respectively, last year. For January through August, beef exports accounted for 12.8 percent of total production (down from 13.2 percent) and 10.1 percent (steady with last year) for muscle cuts. Export value per head of fed slaughter averaged $290.05 in August, up 13 percent from a year ago. Through August, per-head export value was up 9 percent to $275.81.
August beef exports to leading market Japan totaled 31,001 mt, up 22 percent from a year ago and the largest of the post-BSE era. Export value to Japan increased 35 percent and broke the $200 million mark ($200.05 million) for the first time since May 1996. For January through August, exports to Japan were up 23 percent in volume (209,502 mt) and 30 percent in value ($1.28 billion). Japan’s frozen beef safeguard was triggered in late July, increasing the duty on frozen beef imports from suppliers without a trade agreement with Japan, including the U.S., from 38.5 percent to 50 percent. The true impact of the higher duty rate will be revealed over the next few months, but August demand was not significantly affected. Frozen exports were 9,991 mt, up 15 percent from a year ago and just 2 percent below July. Chilled shipments accelerated at a faster rate (16,732 mt, up 62 percent year-over-year and up 27 percent from July), but this was already the trend prior to the duty rate increase on frozen beef.
Similar to July, beef exports to South Korea dipped slightly from a year ago in volume (17,188 mt, down 2 percent) but were still the largest of 2017, while August value increased 19 percent to $116.9 million. Through August, exports to Korea increased 8 percent in volume (116,132 mt) and 19 percent in value ($746.3 million) These totals included an impressive 88 percent increase in chilled beef exports (to 27,378 mt) valued at $243.8 million (up 94 percent).
After a slow start to the year, exports to Hong Kong continued to climb in August, with volume up 26 percent year-over-year to 9,250 mt and value increasing 41 percent to $67.7 million. January-August exports increased 14 percent in volume (74,629 mt) and were 24 percent higher in value ($485.5 million). Since the mid-June market opening, beef exports to China totaled 473 mt valued at just under $6 million.
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