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USMEF: Beef exports below year-ago

Beef exports totaled 105,057 mt in February, down 3% from a year ago, while export value dropped 16% to $757.8 million, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Posted on Apr 11 ,00:25

For the first two months of the year, exports were down 9% from last year’s large volume to just under 206,000 mt, while export value dipped 24% to $1.46 billion.

"On the beef side, it was encouraging to see a modest rebound compared to January", said USMEF President and CEO Dan Halstrom. "With Asian markets continuing to ease indoor mask mandates and eliminate travel restrictions, we expect to see a continued boost in restaurant traffic and foodservice demand as the year progresses".

Beef export volume steady to Japan and Korea, trends higher to Mexico

February beef exports to Japan edged modestly higher in volume, increasing 1% from a year ago to 23,876 mt, while value fell 19% to $161.7 million. For the first two months of the year, exports to Japan were steady with last year at 46,332 mt, but were down 20% in value to $306.6 million.

Exports to South Korea followed a similar trend, edging slightly higher in February to 19,382 mt (up 2%), but value declined 22% to $153.3 million. Through February, exports to Korea were down sharply from last year’s large totals in both volume (38,278 mt, down 21%) and value ($304.8 million, down 41%).

Beef exports to Mexico continued to build momentum in February, reaching 15,576 mt (up 10% from a year ago) valued at $91.5 million (up 8%). January-February exports totaled 33,055 mt, up 15% from a year ago, while value increased 13% to $186.3 million. This includes a 12% increase in beef variety meat exports to 16,715 mt, valued at $48.2 million (up 21%). The Mexican beef market is set to become more competitive this year, having recently opened to some beef imports from Brazil for the first time. Imports from Brazil will enter Mexico at zero duty through the end of 2023.

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

• Fueled by strong growth in the Dominican Republic, Jamaica, the Bahamas, Netherlands Antilles and Bermuda, beef exports to the Caribbean increased 28% year-over-year through February to 4,712 mt, with value up 20% to $39.3 million. While tourism drives a large portion of Caribbean beef demand, U.S. beef also has a growing presence in the region’s retail sector.
• February exports to China-Hong Kong rebounded to some degree from the steep January decline, but were still down 4% from a year ago to 18,931 mt, while export value dipped 10% to $163.4 million. Through February, exports to the region were 14% below last year’s record pace in volume (33,911 mt) and 23% lower in value ($288.7 million).
• Following a record performance in 2022, beef exports to Taiwan are off to a slower start this year. Exports through February totaled 9,009 mt, down 26% from a year ago, while export value declined 42% to $85.7 million.
• South Africa has reemerged as a major destination for beef variety meat exports, mainly livers and kidneys, after volumes slowed in 2022. Shipments through February more than doubled from a year ago in volume (4,070 mt, up 144% and a record pace) and nearly tripled in value ($4.3 million, up 184%). Through February, South Africa was the second largest destination for U.S. beef liver exports and the largest destination for kidney exports. Variety meat exports are also trending sharply higher this year to Cote D’Ivoire.
• Beef exports to the European Union strengthened in February to 1,662 mt, up 59% from a year ago, while value jumped 48% to $20.6 million. This pushed the two-month volume 12% higher to 3,023 mt, valued at $36.1 million (up 6%).
• Beef export value equated to $391.71 per head of fed slaughter in February, down 12% from a year ago, while the January-February average was down 24% to $360.20 per head. Exports accounted for 14.6% of total beef production in February, up one-half percentage point from a year ago, while the percentage of muscle cuts exported was 12.4% (up from 11.6%). Through February, these ratios were 13.6% of total production and 11.6% for muscle cuts, each down about one percentage point from a year ago.

Lamb exports continue to trend higher

Exports of U.S. lamb muscle cuts totaled 224 mt in February, up 26% from a year ago, while value increased slightly to $1.23 million. Led by growth in Mexico, the Netherlands Antilles, the Turks and Caicos Islands and Guatemala, January-February exports increased 70% to 446 mt, while value was up 31% to $2.33 million.

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