USA US beef exports slowed in November, recording the third lowest value of 2023
Beef Beef exports totaled 99,029 mt in November, down 14% from a year ago and the second lowest of the year, while value fell 7% to $786.2 million. For the first 11 months of the year, beef exports were 13% below the record pace of 2022 at 1.18 million mt, while value declined 17% to $9.11 billion.
Posted on Jan 17 ,00:20
US beef exports slowed in November, recording the third lowest value of 2023
"There are certainly bright spots for U.S. beef, with exports rebounding in Mexico and demand in several Western Hemisphere markets the strongest we’ve seen in years", said USMEF President and CEO Dan Halstrom. "But economic conditions in our largest Asian markets and the sharp rebound in Australian production and exports have been persistent obstacles over the past year, making it a sharp contrast with the tremendous 2022 performance for U.S. beef exports. Despite these challenges, we still see sustained demand for chilled U.S. beef, and the U.S. remains the dominant supplier of chilled beef entering Korea, Japan and Taiwan".
Beef exports to Mexico posted another impressive performance in November, increasing 3% from a year ago to 17,843 mt and climbing 14% in value to $103.6 million. Through the first 11 months of 2023, exports to Mexico rebounded 14% in volume to 189,242 mt and an impressive 24% in value to $1.08 billion - already surpassing the full-year totals from 2022. This included a 16% increase in beef variety meat exports, to 98,330 mt, with value up 20% to $286.5 million.
November beef exports to Central America were steady with a year ago at 1,940 mt, while value increased 20% to $15.1 million, the highest in two years. For January through November, exports to the region edged 1% higher than a year ago to 19,027 mt, while value increased 5% to $135.4 million. Exports to leading market Guatemala were up 5% to 8,471 mt, while value increased 14% to $66.8 million. In Honduras, shipments increased 10% to 2,294 mt and soared 33% higher in value to just under $13 million. Both of these markets have already set annual value records and are on a record volume pace. Export volume to El Salvador is also on a record pace.
Despite lower shipments to leading market South Africa, November beef exports to Africa nearly doubled from a year ago to 1,221 mt (up 97%), while value was 33% higher at $1.5 million. Growth was led by Angola, Cote D’Ivoire and Gabon. January-November shipments to Africa increased 60% to 19,364 mt, valued at $24 million (up 28%). About 98% of these shipments are beef variety meat, mainly livers and kidneys.
Other January-November results for U.S. beef exports include:
- While Taiwan’s demand for U.S. beef is below the record levels of 2022, it has proven more resilient than other major Asian markets. Through November, exports to Taiwan were down 6% year-over-year to 56,629 mt, while value fell 17% to $580.4 million. U.S. beef still dominates Taiwan’s chilled beef market, capturing 75% market share.
- November beef shipments to the Dominican Republic were below year-ago levels but January-November volume remained 1% above the year-ago pace at 8,531 mt. Export value to the DR, which is on a record pace, increased 8% to $95.7 million. Exports to the Caribbean region increased 5% in value to $228.4 million, despite trending lower in volume (24,538 mt, down 6%). The Bahamas and Netherlands Antilles have set annual value records, while export value is also on a record pace for Turks and Caicos.
- Beef exports to Hong Kong, where demand has strengthened with the recovery in business travel and tourist visits from mainland China, increased slightly in November to 3,406 mt, though value was down 4% to $35.4 million. January-November shipments to Hong Kong increased 12% to 36,397 mt, while value increased 3% to $379.2 million.
- While still trending lower for the year, November beef exports to South America were the largest since mid-2022 at 2,302 mt, up 33% year-over-year. Export value increased 7% to $12 million. Through November, exports to South America were down 15% year-over-year to 20,294 mt, while value fell 20% $109.8 million.
- The positive results in the above-mentioned markets were offset by lower demand in U.S. beef’s three largest export destinations: South Korea, Japan and China. Through November, exports to Korea were 17% below the record pace of 2022 at 225,235 mt, while value was down 24% to $1.91 billion. Exports to Japan declined 22% to 224,489 mt, with value also falling 24% to $1.67 billion. Shipments to China were down 24% in volume (174,901 mt) and 27% in value ($1.48 billion). Product shipped in late 2022 was still clearing into these markets in 2023, U.S. beef prices were increasing at a time that competitors’ prices were falling, and consumers were pinched by sustained inflationary pressures, which also contributed to a lack of consumer confidence. These negative factors should ease in 2024, but marketing the value attributes of U.S. beef will remain critical.
- November beef export value equated to $380.54 per head of fed slaughter, down slightly year-over-year. The January-November average fell 13% to $394.07 per head but was still the third highest on record, trailing only 2021 and 2022. Exports accounted for 12.7% of total November beef production and 10.4% for muscle cuts only, each about one percentage point lower than a year ago. The January-November ratios were 13.9% of total production and 11.7% for muscle cuts, compared to 15.3% and 13.1%, respectively, in 2022.
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