USA USMEF: Rebound in China, Hong Kong and Korea fuel October beef exports
Beef October beef exports totaled 105,269 metric tons (mt), up 1% from a year ago, while value increased 3% to $860.4 million, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
Posted on Dec 10 ,00:30
USMEF: Rebound in China, Hong Kong and Korea fuel October beef exports
Shipments to Mexico maintained their impressive 2024 performance in October, while exports rebounded to South Korea and China/Hong Kong. For January through October, beef export value was 4% above last year at $8.68 billion, despite a 2% decline in volume (1.066 million mt).
"It’s encouraging to see an uptick in demand for U.S. beef in China and Korea, where the economic headwinds have been formidable this year", said USMEF President and CEO Dan Halstrom. "Our Western Hemisphere markets have been outstanding, and exports have also expanded to the ASEAN region. So if U.S. beef can regain momentum in these larger Asian destinations, this bodes well for 2025".
Beef exports to China/Hong Kong totaled 20,493 mt in October, up 16% from a year ago and the largest since June 2023. Export value climbed 17% to $190.6 million, also the highest since June 2023. January-October exports to the region were 8% below last year in volume (177,542 mt) and 3% lower in value ($1.64 billion).
October beef exports to Korea, which is the leading value destination for U.S. beef, were the largest since April at 19,638 mt, up 5% from a year ago, while value climbed 10% to $191.7 million - the highest since March. For January through October, exports to Korea were still 9% below last year’s pace at 188,783 mt, but increased 3% in value to $1.8 billion.
U.S. beef continued to post impressive gains in Mexico in October, with exports up 7% from a year ago to 19,723 mt. Export value increased 5% to $108.4 million. These results pushed January-October shipments to Mexico 13% above last year at 193,006 mt, while value climbed 15% to $1.12 billion. While exports benefited from a very strong peso in the first half of 2024, demand has held up well in recent months even with the peso weakening versus the U.S. dollar, losing 20% of its value since late May.
Other January-October export results for U.S. beef exports include:
- Led by growth in the Dominican Republic, Cuba and Jamaica, October beef exports to the Caribbean reached 2,479 mt, up 18% from a year ago, while export value climbed 19% to $22.5 million. January-October exports were 21% above last year’s pace at 26,953 mt, while value increased 10% to $228.8 million.
- Larger shipments to Guatemala and Panama fueled a 7% increase in October beef exports to Central America, while value climbed 14% to $17 million. Through the first 10 months of the year, exports to the region increased 5% in volume (17,901 mt) and 10% in value ($131.9 million). Exports to Guatemala are expected to be record-large for the second consecutive year.
- Led by growth in the Philippines and Singapore, October beef exports to the ASEAN region totaled 5,010 mt, up 5% from a year ago, while value jumped 19% to $38.3 million. While January-October exports to the region were up just 2% from a year ago at 35,961 mt, value climbed an impressive 37% to $295.6 million.
- Beef export volume to the Middle East continued to trend higher in October, as exports increased 8% from a year ago to 4,155 mt, led by larger shipments to Egypt and Kuwait. But export value declined, due in large part to an impasse over halal certification for the region’s leading value market, the United Arab Emirates. Exports to the UAE fell sharply to just 94 mt valued at $1.4 million, after reaching 433 mt a year ago, valued at $5.4 million. Through the first 10 months of the year, exports to the Middle East increased 24% from a year ago to 44,241 mt, valued at just under $200 million (up 21%). However, for the region to continue to perform at a high level, regaining access to the UAE is essential.
- Beef exports to Japan trended lower in October at 16,852 mt, down 9% from a year ago, while value fell 6% to $129.2 million. January-October shipments to Japan were still steady with last year at 205,737 mt, while export value was up 4% to $1.57 billion.
- After gaining momentum in the second and third quarters, beef exports to Taiwan also took a step back in October, falling 21% from a year ago to 3,892 mt. Export value was down 11% to $48.6 million. For January through October, exports to Taiwan still achieved a 6% increase in value ($573.8 million) despite a 3% decline in volume (51,263 mt).
- U.S. beef regained full access to Colombia in late September, after being severely limited by H5N1-related restrictions that began in April. The timing of the full reopening limited the impact on October exports, but shipments were the largest since March at 246 mt, valued at $2.2 million. November data may better reflect the increase in eligible supplies.
- Beef export value equated to $380.98 per head of fed slaughter in October, down 2% from a year ago. The January-October average was $411.03, up 4%. Exports accounted for 12.5% of total October beef production and 10.3% of muscle cuts, each down about one-half percentage point from a year ago. January-October exports accounted for 13.8% of total production and 11.5% of muscle cuts, compared to 14.1% and 11.8%, respectively, during the same period last year.
October lamb exports fairly steady, led by Caribbean demand
October exports of U.S. lamb totaled 185 mt, up 2% from a year ago, though value fell about 8% to just over $1 million. Exports to the Caribbean trended higher in October, led by strong demand in the Bahamas, but shipments were lower to Mexico and Canada.
January-October lamb exports were 12% above last year at 2,298 mt, while value climbed 14% to $12.1 million.
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