USMEF: Beef exports show modest rebound
Beef exports totaled 104,446 mt in October, down 17% from a year ago but 6% above the low volume posted in September. Export value was $836 million, down 11% year-over-year but 5% higher than September. January-October exports of U.S. beef reached 1.08 million mt, down 13% from the record pace of 2022, while value fell 17% to $8.32 billion.
"On the beef side, economic headwinds in our largest Asian markets continue to weigh on demand, as consumers trade down to lower-priced proteins", said USMEF President and CEO Dan Halstrom. "The recovery in Asia’s foodservice sector has been limited, but we remain hopeful that it will accelerate in 2024. Recent efforts to jump-start economic activity in these countries and address weakened currencies could also improve the business climate".
A vibrant foodservice sector and a strong peso have combined to provide excellent momentum for U.S. beef exports to Mexico. While Mexico remains a preferred destination for underutilized cuts from the round, cuts from the chuck and rib complex are also achieving heightened demand in Mexico, where October exports increased 13% from a year ago to 18,456 mt, while value climbed 27% to $108.4 million. January-October exports to Mexico increased 15% to 171,399 mt, valued at $975.8 million - up an impressive 25%.
After a slow start to the year, Taiwan’s demand for U.S. beef fared better in the second and third quarters, and October exports totaled 4,923 mt, up 10% from a year ago, while value increased 17% to $54.6 million. This performance pushed January-October volume to Taiwan to 53,004 mt, down 6% from last year’s record pace, while value was down 17% to $539.5 million. The United States continues to be the dominant supplier of chilled beef to Taiwan, capturing 76% of the chilled import market.
Led by record shipments to Costa Rica and growth in Honduras, Panama, El Salvador and Nicaragua, October beef exports to Central America climbed 23% from a year ago to 2,047 mt, while value soared 42% to $14.9 million – the highest in nearly two years. January-October shipments to the region moved 1% ahead of last year’s pace at 17,087 mt, with value increasing 3% to $120.4 million. Although October exports to leading market Guatemala were below last year, January-October shipments still increased 8% from last year’s record pace to 7,634 mt, valued at $59.4 million.
Other January-October results for U.S. beef exports include:
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