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USMEF: May beef export value highest in 11 months

Beef

The value of U.S. beef exports topped $900 million in May, the highest since June 2023, according to data released by USDA and compiled by USMEF.

Posted on Jul 10 ,00:25

May beef exports totaled 110,133 metric tons (mt), down 5% from a year ago but the second largest of 2024. Beef export value reached $902.4 million in May, 3% above last year and the highest in 11 months. For January through May, beef exports followed a similar trend, increasing 5% year-over-year in value to $4.29 billion, despite a 4% decline in volume (533,578 mt). 

"It has been encouraging to see demand stabilize in Japan, where U.S. beef certainly faces significant headwinds", said USMEF President and CEO Dan Halstrom. "The tourism boom has provided a much-needed lift for Japan’s foodservice sector, and it is a source of optimism for buyers and importers. Taiwan and the ASEAN region were also bright spots for U.S. beef in May, along with Western Hemisphere markets such as Mexico, Guatemala and the Caribbean". 

Despite the persistently weak yen and other economic challenges, Japan has maintained its position as the leading volume destination for U.S. beef in 2024. May beef exports to Japan were just under 21,000 mt, up 9% from a year ago, while export value climbed 20% to $164.1 million. For January through May, exports to Japan were still 3% below last year in volume (104,712 mt), but export value increased 5% to $796.8 million.

The weak yen’s silver lining is that it has contributed to a surge in foreign visitors, bolstering Japan’s foodservice and hospitality sectors. Tourists arriving in Japan in May jumped 60% from a year ago and topped 3 million for the third consecutive month. Tourism officials project that total arrivals this year could surpass the 2019 record of 31.88 million. 

Demand for U.S. beef in Mexico continues to gain momentum, with May exports increasing 9% from a year ago to 18,793 mt, while value climbed 17% to $109.8 million. Through May, exports to Mexico increased 17% to 96,323 mt, while value soared 23% to $564 million. This included more than 50,000 mt of beef variety meat, up 19% from a year ago, valued at $136.6 million (up 13%). Mexico is the largest volume destination for U.S. beef variety meat, taking large volumes of tripe, lips, livers, hearts and kidneys. 

Beef shipments to Taiwan have trended lower in 2024, but May saw a substantial rebound in export value at $63.2 million, up 6% from a year ago and the highest since August. May volume was 5,878 mt, down 4% year-over-year. For January through May, exports to Taiwan were down 12% from a year ago to 23,392 mt, but value slipped just 2% to $254.7 million. Despite a widening spread in the price of U.S. beef versus major competitors, the U.S. continues to dominate Taiwan’s chilled beef sector, capturing about 70% market share.

Other January-May results for U.S. beef exports include: 

• May beef exports to the ASEAN region reached 4,646 mt, up 25% from a year ago and the largest since October. Shipments to Indonesia (1,823 mt) were the largest since October, to Vietnam (585 mt) were the highest since January 2023, and to Singapore (587 mt) were the largest since 2010 and the third highest on record. Shipments to the Philippines (1,457 mt) slowed from the previous month but were otherwise the highest since October. May exports to the region were valued at $40.6 million, up 81% year-over-year and the seventh largest on record. January-May exports increased 18% in value to just under $125 million, despite a 17% decline in volume (14,977 mt). 
• Fueled by record-large shipments of more than 1,100 mt to Guatemala and strong demand in Panama, May beef exports to Central America increased 37% from a year ago to 1,972 mt, valued at $13.6 million (up 45%). Through May, exports to the region climbed 12% in volume (9,464 mt) and 17% in value ($68 million). 
• May beef exports to China/Hong Kong slowed compared to last year, falling 16% to 18,659 mt. But export value was down just 4% to $181.3 million and export value to China alone was only 2% below last year at $146 million. January-May exports to the region were down 10% to 88,446 mt. Export value was 4% below last year at $821 million, but is still on pace to approach $2 billion in 2024. 
• Demand for U.S. beef continues to regain momentum in the Middle East, where May exports increased 19% from a year ago to 4,481 mt, while export value climbed 26% to $19.8 million. Through May, exports to the region increased 33% in volume (23,925 mt) and 35% in value ($106.3 million), bolstered by larger beef liver shipments to Egypt and robust demand for muscle cuts in the United Arab Emirates, Kuwait, Qatar and Bahrain.  
• Larger shipments to the Dominican Republic, Trinidad and Tobago, Cuba, Jamaica and the Bahamas pushed May beef exports to the Caribbean to 2,846 mt, up 39% from a year ago, while export value increased 7% to $22.5 million. January-May exports to the region increased 27% to 14,774 mt, valued at $121.8 million (up 13%). 
• Beef exports to leading value market Korea slowed in May, falling 24% from a year ago to 18,063 mt, valued at $168 million (down 14%). Through May, exports to Korea were 14% below last year’s pace at 96,960 mt, but still increased slightly in value ($908.1 million, up 1%). 
• Export value equated to $410.94 per head of fed slaughter in May, up 3% from a year ago. The January-May per-head average was $410.40, up 5%. Exports accounted for 13.8% of total May beef production, and 11.5% for muscle cuts only – down from 14.7% and 12.1%, respectively, a year ago. The January-May ratios were 13.9% of total production and 11.6% for muscle cuts, each down about one-half percentage point from the same period last year.

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