USA USMEF: November beef exports increased 10 percent
Beef November beef exports increased 10% year-over-year to 109,288 mt, while value climbed 11% to $872.7 million, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
Posted on Jan 13 ,00:30
USMEF: November beef exports increased 10 percent
For January through November, exports increased 5% in value ($9.56 billion) from the same period in 2023, despite a 1% decline in volume (1.18 million mt).
"Despite continued economic headwinds in Asia, demand for U.S. beef strengthened in South Korea, China and Taiwan, and exports were fairly steady to Japan", said USMEF President and CEO Dan Halstrom. "The strong performance in Mexico and outstanding demand for variety meat in Egypt were also critical for bolstering carcass value".
Beef exports to leading value market South Korea reached 21,499 mt in November, up 20% year-over-year and the largest since March. Export value increased 29% to $207.7 million, also the highest since March. For January through November, exports to Korea achieved a 5% increase in value ($2.01 billion) despite a 7% decline in volume (210,282 mt).
While this was the third consecutive month of renewed momentum for U.S. beef in the Korean market, the outlook for December is cloudy as Korea has been mired in political turmoil and the won recently weakened to its lowest level in 15 years versus the U.S. dollar.
Following a September-October slowdown, beef exports to Taiwan rebounded in November to 5,089 mt, up 40% from a year ago, while export value climbed 43% to $58.6 million. Through the first 11 months of 2024, shipments to Taiwan were steady with the previous year’s pace at 56,352 mt, while value climbed 9% to $632.4 million.
Mexico’s demand for U.S. beef remained robust in November, with exports increasing 6% from a year ago to 18,914 mt, while value was up 4% to $107.4 million. January-November exports to Mexico reached 211,920 mt, up 12% year-over-year, while value jumped 14% to $1.23 billion. Both already exceed the full-year totals from 2023 and export value is the highest since 2009.
Other January-November results for U.S. beef exports include:
- Beef exports to China/Hong Kong trended lower in 2024 but showed renewed momentum for the second consecutive month. November shipments increased 8% from a year ago to 18,895 mt, while value climbed 5% to $165.8 million. January-November shipments to the region were still down 7% year-over-year in volume (196,437 mt) and 3% in value ($1.81 billion). China’s Ministry of Commerce recently opened a safeguard investigation on the impact of rising beef imports on domestic producers, with an investigation period of 2019 through June 2024. China’s overall beef imports set another record in 2024, mainly due to growth from South America.
- November beef exports to Egypt, a critical destination for U.S. livers and other variety meat, increased 70% from a year ago to 3,955 mt, the highest since 2022. Export value climbed 81% to $6.6 million. This pushed November shipments to the Middle East 40% above a year ago, despite a severe decline to the United Arab Emirates (UAE) due to an impasse over halal certification. This obstacle has been temporarily resolved but regaining full access to the UAE remains a top priority for the U.S. industry. November shipments to Qatar were the highest since 2011 at 362 mt, up 59% from a year ago, while value was record-high at $4.3 million. Through November, beef shipments to the Middle East region increased 25% in volume (49,901 mt) and 17% in value (215.8 million). This included a 24% increase to Egypt, where exports reached 36,233 mt, while value was up 7% to $58.3 million.
- Strong growth in the Dominican Republic, Cuba and the Netherlands Antilles pushed beef exports to the Caribbean up 21% from a year ago to 2,702 mt, while value climbed 28% to just under $27 million. November exports to the DR topped 1,000 mt for the fifth time and shipments to the Netherlands Antilles (346 mt, up 21%) were the second highest on record. January-November exports to the Caribbean region totaled 29,655 mt, up 21%, while value increased 12% to $255.7 million.
- Larger shipments to the Philippines and Indonesia and the highest volume to Vietnam since 2022 drove November exports to the ASEAN region to 3,841 mt, up 67% from a year ago, while value soared 62% to $26.5 million. Despite market access obstacles in Indonesia and tariff disadvantages in Vietnam, January-November exports to the region increased 6% from a year ago to 39,802 mt, while value climbed an impressive 39% to $322.1 million.
- Led by growth in Guatemala, Panama, Honduras and El Salvador, beef exports to Central America increased 12% from a year ago to 2,171 mt, while value edged slightly higher to $15.3 million. January-November shipments to the region increased 5% to 20,072 mt, valued at $147.1 million (up 9%). Exports have set an annual record in Guatemala each year since 2014, and shipments will be record-large again in 2024. January-November totals for Honduras and Panama have already surpassed previous full-year records.
- Beef export value equated to $428.70 per head of fed slaughter in November, up 13% from a year ago and the highest since June. This pushed the January-November average to $412.58, up 5%. Exports accounted for 14.4% of total November beef production and 11.8% of muscle cuts, up substantially from the year-ago ratios of 12.7% and 10.4%, respectively. January-November exports accounted for 13.8% of total production and 11.5% of muscle cuts, down slightly from 13.9% and 11.7%, respectively, during the same period in 2023.
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