USA USMEF: Beef Export Value Climbs in June
Beef June exports of U.S. beef reached the highest value in nearly two years, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
Posted on Aug 12 ,00:39
USMEF: Beef Export Value Climbs in June
Beef exports totaled 110,155 metric tons (mt) in June, down 4% from a year ago but the second largest of 2024. Export value reached $938.3 million, up 3% year-over-year and the highest since August 2022. Through the first half of the year, beef export value climbed 5% from a year ago to $5.22 billion, despite a 4% decline in volume (643,733 mt).
"June beef exports performed very well in Japan, which was great to see given the significant headwinds U.S. beef has faced there this year", said USMEF President and CEO Dan Halstrom. "Export value also rebounded nicely in Korea and shipments to Taiwan and Canada were outstanding. This made for another strong month in terms of export value per head slaughtered, which was nearly $460 in June".
Japan, Taiwan, Canada lead strong June performance for beef export value
Despite a difficult economic climate, Japan has reclaimed its position as the largest volume destination for U.S. beef in 2024. June exports jumped 8% from a year ago to 22,308 mt, the largest since March 2023. Export value reached $181.5 million, up 9% and the highest since August 2022. Through the first half of the year, exports to Japan were still 2% below last year at 127,020 mt, but export value climbed 6% to $978.2 million.
While U.S. beef maintains a strong retail presence in Japan, foodservice demand has benefited from a huge jump in tourism, as the record number of foreign visitors entering Japan this year is expected to approach 35 million. Japan’s inventories of imported beef at the end of June were nearly 9% lower year-over-year, suggesting further import demand should be expected in the second half of 2024.
June beef exports to Taiwan reached 7,318 mt, up just slightly from a year ago but the highest since April 2022 and the third largest on record. Export value increased 18% to $80.1 million – also the third highest on record. While first-half exports to Taiwan were still 9% below last year at 30,710 mt, export value edged 2% higher to $334.8 million.
Beef exports to Canada posted impressive gains in June, with value reaching the highest level in 10 years at $116.5 million – up 29% from a year ago. June volume was up 17% to 11,854 – the highest in nearly nine years. Through the first half of the year, exports to Canada dipped slightly in volume (51,438 mt, down 1%) but climbed 12% in value to $469 million.
Other January-June results for U.S. beef exports include:
- June exports to Korea totaled 19,378 mt, down 9% from a year ago. But export value rebounded to $190.4 million – up 2% from a year ago and a 13% increase from the previous month. Korea is the leading value destination for U.S. beef in 2024, with first-half export value increasing slightly from a year ago to $1.1 billion, despite a 13% decline in volume (116,338 mt).
- Although June beef exports to Mexico were below last year’s volume (17,150 mt, down 5%), value still increased 1% to $98.8 million. The June slowdown was in variety meats, as muscle cut volume was still up 4% to 8,293 mt. Mexico’s demand for U.S. beef soared in the first half of the year, with beef and beef variety meat volume climbing 13% to 113,473 mt, while export value jumped 19% to $662.8 million. U.S. beef’s momentum in Mexico was fueled in part by a strong peso in the first half of the year, so the recent decline in buyers’ purchasing power and heightened economic uncertainty could impact the market in coming months. However, beef supplies remain tight in Mexico due to severe drought.
- Beef exports to the Middle East have rebounded impressively in 2024 and this trend continued in June with shipments reaching 4,270 mt, up 22% from a year ago. Export value increased 25% to $20.8 million. Led by larger variety meat exports to Egypt and stronger demand for muscle cuts in the United Arab Emirates, Kuwait, Qatar, Bahrain, and Oman, January-June exports to the region soared 31% in volume (28,195 mt) and 33% in value ($127 million) from a year ago.
- Led by strong demand in the Dominican Republic and a surge in shipments to Cuba, June beef exports to the Caribbean totaled 2,711 mt, up 35% from a year ago, while value climbed 19% to $22 million. First-half exports to the region, which were also bolstered by record variety meat shipments to Trinidad and Tobago and strong demand for variety meat in Jamaica, increased 28% from a year ago in volume (17,485 mt) and 14% in value ($143.8 million).
- Colombia’s ban on imports of U.S. beef originating from states with cases of highly pathogenic avian influenza (HPAI) in dairy cows continues to take a toll on export volumes, with June exports plunging 77% from a year ago to just 91 mt. Exports to Colombia were strong in the first quarter but have been restricted since April, pushing first-half exports 22% below last year at 2,224 mt, while export value fell 13% to $13.4 million. Fortunately, Colombia is the only trading partner to impose HPAI-related restrictions on U.S. beef.
- Beef export value equated to $459.21 per head of fed slaughter in June, up 13% from a year ago. The January-June average was $418.37 per head, up 6% from the first half of 2023. Exports accounted for 15% of total June beef production and 12.8% for muscle cuts only, up from 14.3% and 12%, respectively, a year ago. The January-June ratios were 14.1% of total production (down from 14.4% a year ago) and 11.8% for muscle cuts (down from 12.2%).
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