US beef value jumps 60%
US beef is now 60% more expensive in the export markets, according to data collected by the US Department of Agriculture (USDA) and compiled by the US Meat Export Federation (USMEF). Beef exports posted one of the best months on record in September, with value climbing nearly 60% above last year.
Beef exports continued to soar in September at 123,628 tonnes, up 20% from a year ago and the fourth largest volume of the post-BSE era. Export value jumped 59% to $954.1 million – the second-highest month on record, trailing only August 2021. For the first three quarters of 2021, beef exports increased 18% from a year ago to 1.08 million tonnes, valued at $7.58 billion – up more than $2 billion (36%) from the same period last year. Compared to the record year of 2018, January-September exports were 7% higher in volume and up 24% in value.
USMEF President and CEO Dan Halstrom stated that a rebound in beef variety meat exports, which took a step back last year amid COVID-related production obstacles, has been a strong source of momentum in 2021, reflecting exceptional global demand for high-value protein.
"The increase in the variety meat capture rate, and the resulting increase in exports, is especially encouraging because the labor and transportation challenges certainly have not gone away. But these items are commanding a strong premium overseas, making it more feasible to get them into international commerce. Variety meat exports are a great complement to our strong domestic and international demand for muscle cuts, helping maximize carcass value," he said.
Increased demand for US beef in Asia
Beef exports to leading market Japan posted a strong performance in September at just under 30,000 tonnes, up 24% from a year ago, valued at $215.8 million (up 73%). This pushed January-September results 5% above last year at 246,380 tonnes, valued at $1.72 billion (up 17%).
Japan, South Korea and China/Hong Kong are all on track to be $2 billion destinations for US beef in 2021, with strong growth in chilled beef exports to Japan and Korea. Through September, chilled beef exports to Japan neared 120,000 tonnes, up 17%, with value up 25% to $1 billion. Chilled exports to Korea were up 25% in volume (65,600 tonnes) and 50% in value ($744 million).
Total September beef exports to Korea were 23,363 tonnes, up 9% from a year ago, while value soared 67% to $207.5 million. Through the third quarter, exports to Korea were up 12% in volume (213,326 tonnes) and 30% in value ($1.71 billion). COVID-related restrictions on restaurants and other foodservice outlets were recently eased in both Japan and Korea, which should provide further momentum for US exports.
China has been a major source of growth for US beef exports in 2021, with exports through September climbing 672% from a year ago to 138,041 tonnes, while export value was up 761% to $1.12 billion. Combined exports to China and Hong Kong were up 131% through September at 176,694 tonnes, valued at $1.49 billion – already shattering the previous value record of $1.15 billion set in 2014.
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