USMEF: July beef exports stay on 1 Billion dollar per month pace
July beef exports totaled 126,567 metric tons (mt), up 3% year-over-year. Export value increased 7% to $1.006 billion, topping the $1 billon mark for the sixth time this year. For the first seven months of 2022, beef exports increased 6% from a year ago to 870,471 mt, valued at $7.2 billion (up 29%).
"Global demand for U.S. beef continues to be amazingly resilient, especially at the retail level," said USMEF President and CEO Dan Halstrom. "Exports have also benefited from a partial rebound in the foodservice sector but this recovery is far from complete. Many markets are still gradually easing COVID restrictions, so we definitely see opportunities for further growth as restaurant traffic returns. Headwinds remain formidable, however, including further devaluation of key trading partner currencies."
U.S. pork exports reached 208,095 mt in July, down 6% from a year ago, valued at $625 million (down 5%). Through July, exports were 17% below last year at just under 1.5 million mt, valued at $4.24 billion (down 15%).
"July pork exports were below last year but the good news is that the per-unit price of U.S. pork is trending higher in the international marketplace, even while our major competitors’ prices remain below year-ago levels," Halstrom said. "Export value per head in July reached $67.10, nearly even with year-ago and the highest since last July. We are also encouraged by the recent trendlines for pork variety meat exports, especially to China and Mexico."
Japan leads broad-based growth in July beef exports
Beef exports to leading volume market Japan reached 30,726 in July, up 8% from a year ago, valued at $231.6 million (up 3%). This pushed January-July exports 1% above last year’s pace at 186,239 mt, while value climbed 17% to $1.49 billion. For beef variety meat – mainly tongues and skirts – exports to Japan were steady with last year at 33,581 mt but value jumped an impressive 38% to nearly $340 million.
South Korea remains the top value market for U.S. beef, though July exports were modestly below last year at 22,710 mt (down 3%), valued at $199.3 million (down 4%). Through July, exports to Korea were still 5% ahead of last year’s record pace at 173,203 mt, valued at $1.72 billion (up 33%).
Despite still-stringent COVID restrictions and periodic lockdowns in some major cities, China’s demand for U.S. beef continues to post steady growth. July exports to China/Hong Kong totaled 26,884 mt, up 25% from a year ago, while export value to the region was the highest for any destination at $245.4 million (up 34%).
Other January-July results for U.S. beef exports include:
Although this is historically quite a small change, it is the first consistent set of negative mo...
"El Carnicero used to import several cuts of U.S. pork but with greater availability from competi...