New value record for US beef exports in March
March beef export value has reached $693.1 million, up 18 percent year-over-year and topping the previous high set in October 2014, announced the US Meat Export Federation in a press release.
Exports accounted for 13.6% of total beef production in March, muscle cuts being the best selling product, 11.1% of total beef pieces exported, up by 9.9% from the previous year.
The leading export market, Japan, has seen a steady demand in March compared with last year (28.158 tons) but the value increased 6% to $177.5 million. March was also the last month in which safeguard tariffs applied on Japanese market were active for US frozen beef.
"While beef exports to Japan held up well during those eight months, the higher tariff rate certainly weighed on exports of frozen cuts such as the short plate. U.S. short plate is an essential ingredient for Japan’s gyudon restaurants, which are part of a highly competitive fast-casual dining sector.", explained USMEF President and CEO Dan Halstrom.
In the first quarter of 2018, US beef exports have registered a growth in some other countries in Asia and Latin America such as Taiwan (+34% in volume; +48% in value), China/Hong Kong (+34% in volume; +61% in value), South Korea (+22% in volume; +37% in value), Indonesia (+55% in volume; +46 in value) or Guatemala (+56% in volume; +45% in value).
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