Three external markets bought US beef worth $6 billion
US beef exports will top $2 billion this year in each of three key Asian markets – South Korea, Japan and China/Hong Kong. Korea and Japan are already knocking on the door, with exports through October exceeding $1.9 billion, announced US Meat Export Federation (USMEF) in a press release. October beef exports to Korea increased 13% from a year ago to 21,934 tonnes, while value soared 57% to $212.4 million. Through October, exports were also up 13% to 235,260 tonnes and increased 32% in value to $1.93 billion. This growth included a 50% increase in chilled beef export value ($831 million), with chilled volume up 23% to 71,860 tonnes, despite ongoing social distancing restrictions impacting the foodservice sector. Restrictions were eased in November but have been largely reinstated since the emergence of the COVID-19 Omicron variant.
Japan remains the leading volume destination for US beef, with October exports up slightly from a year ago to 23,435 tonnes while value climbed 35% to $198.7 million. Through October, exports were 5% ahead of last year’s pace in volume (269,815 tonnes) and 19% higher in value ($1.92 billion). Growth to Japan included a 15% increase in chilled beef (to 130,551 tonnes), valued at $1.13 billion (up 24%) on continued strong retail demand.
Beef exports to China continue to capitalize on the market access gains achieved in the Phase One Economic and Trade Agreement, with October exports up nearly 150% from a year ago to 16,815 tonnes and more than tripling in value to $148.1 million. Through October, exports to China increased more than 500% in volume (154,857 tonnes) and more than 600% in value ($1.26 billion). As China’s largest supplier of grain-fed beef, the US accounted for 10% of China’s imports on a value basis and 6% of import volume. Exports to the combined China/Hong Kong market have already far exceeded previous annual records, reaching 198,409 tonnes (up 114% from a year ago) valued at $1.69 billion (up 135%).
In total, US red meat exports are expected to exceed $18 billion this year, of which $10 billion are in beef, said Dan Halstrom, USMEF President and CEO: "Exports will likely reach about $18 billion in 2021, which is a remarkable achievement. While global demand is tremendous and we are cautiously optimistic about further growth in 2022, supply chain pressures are not easy to overcome and are a growing concern for exporters and their international customers".
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