USMEF: Strong month for beef export value in February
"Tight beef supplies are definitely a challenge for exporters, and that situation isn’t going to change anytime soon", said USMEF President and CEO Dan Halstrom. "But on a positive note, we are seeing more opportunities for underutilized beef cuts, including the round, shoulder clod and variety meat, in the global marketplace. Demand is strong throughout the Western Hemisphere and the foodservice and hospitality sectors are finally gaining some momentum in key Asian markets such as Korea, where the post-COVID recovery has been slower than anticipated".
Beef export value climbs in many key regions
Mexico continues to be bright spot for U.S. beef exports, with February shipments climbing 27% from a year ago to 19,760 mt. Export value soared 32% to $120.5 million – the seventh highest on record. Through February, exports to Mexico increased 21% in volume (39,871 mt) and 25% in value ($233.3 million), including impressive growth for both muscle cuts and variety meat. Bolstered by the strong peso, Mexico’s demand for U.S. beef has strengthened at both foodservice and retail.
While February beef export volume to Korea was lower than a year ago (down 7% to 18,074 mt), export value climbed 12% to $172.3 million. January-February exports followed a similar trend, falling 4% to 36,863 mt while value increased 12% to $342.8 million. The Korean government recently announced measures aimed at easing food price increases, which have been especially sharp for fruits and vegetables. Rising prices have made Korea’s post-COVID foodservice recovery even more challenging, but U.S. beef continues to find success in the home meal replacement and restaurant meal replacement segments.
February beef exports to the Caribbean were the largest on record at 2,955 mt, up 25% from a year ago, while value was fourth highest at $24.5 million (up 24%). Exports to the Dominican Republic were the fifth highest on record in both volume (993 mt, up 22%) and value ($10.8 million, up 40%). Through February, shipments to the Caribbean increased 20% from a year ago in volume (5,639 mt) and 15% in value ($45.3 million), led by muscle cut growth in the Netherlands Antilles and the Leeward-Windward Islands and strong variety meat demand in Trinidad and Tobago.
Other January-February results for U.S. beef exports include:
February lamb exports well above year-ago totals
U.S. lamb exports followed a strong January with another robust performance in February, climbing 11% from a year ago to 270 mt. Export value increased 18% to $1.5 million. Through February, lamb exports increased 19% from a year ago to 573 mt, with value up 34% to $3.2 million, led by growth in the Bahamas, the Leeward-Windward Islands and Canada. Exports to Mexico trended lower in volume but still climbed 26% in value to just under $600,000.
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