US beef exports could surpass $7 billion this year
Beef exports grew by 5% to 111,287 mt in October compared to the corresponding period from 2016, reaching a value of 662 million dollars, up by 18%. The results reported in October were the second strongest in 2017. In the first 10 months of this year, exports were 1.038 million mt, up 9% year-over-year, valued at 5.93 billion dollars – up 16% compared to the previous year and slightly ahead of the record value pace established in 2014.
Beef exports accounted for 13% of total production in October, the highest since July but down from 13.9% last year. The percentage of muscle cuts exported was steady with last year at 10.7%. For January through October, beef exports accounted for 12.8% of total production (down from 13.3% last year) and 10.2% for muscle cuts (steady with last year).
October beef export value averaged 301.88 dollars per head of fed slaughter, up 12% from a year ago and the highest since December 2016. January-October export value averaged 279.85 dollars per head, up 10%.
Japan continued to be the pacesetter for U.S. beef exports in October, with volume climbing 19% from a year ago to 23,981 mt and value up 23% to 147.1 million dollars. This pushed January-October volume to 260,517 mt (up 22%) valued at 1.59 billion dollars – up 29% and already setting a new single-year record. Chilled beef continues to drive export growth to Japan, with chilled exports up 40% in volume (124,699 mt) and 43% in value (918.8 million dollars).
“The U.S. beef industry has really broadened its reach in Japan, expanding the range of cuts offered and the retail and foodservice venues in which they are featured,” Halstrom said. “But USMEF remains concerned about market access barriers in Japan, as we face significantly higher tariffs than our main competitor, Australia, and import safeguards that could hinder further growth.”
Exports to South Korea continued to climb in October, up 2% in volume (17,224 mt) and 24% in value (122.4 million dollars) from a year ago. Through October, exports totaled 148,998 mt (up 7%) valued at 979.3 million dollars – 20% above last year’s record pace. Demand for U.S. chilled beef is especially strong in Korea’s retail sector, with chilled beef exports up 88% to 36,773 mt valued at 329 million dollars, up 93%.
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