US beef exports surpassed $10 billion for the first time
US beef exports greatly exceeded previous volume and value records in 2021, surpassing $10 billion for the first time, according to year-end data released by USDA and compiled by the US Meat Export Federation (USMEF).
December beef exports totaled 121,429 tonnes, up 1% from a year ago, while value climbed 33% to $991.8 million – the third largest month on record. These results pushed 2021 volume to 1.44 million tonnes, up 15% from a year ago and 7% above the previous record set in 2018. Export value soared to $10.58 billion, up 38% from 2020 and shattering the previous record set in 2018 by 27%.
"The beef export results are truly remarkable, especially considering the COVID-related obstacles in the global foodservice sector and all the supply-side and logistical challenges faced by the U.S. industry. Obviously, our large Asian markets accounted for much of the growth, but it really takes broad-based global demand to reach these impressive levels. So this success story is not just about Korea, Japan and China – but also a strong performance in Taiwan, excellent growth in Central and South America and a rebound in Mexico and Southeast Asia," said USMEF President and CEO Dan Halstrom. Three main destinations account for more than 60% of the revenue in beef exports.
Japan remained the leading volume destination for US beef exports in 2021 at 320,737 tonnes, up 5% from 2020 and the second largest of the post-BSE era. Export value climbed 22% to a record $2.376 billion, but finished a close second to South Korea. The US industry remains concerned about Japan’s import safeguard, which resulted in a higher tariff rate being imposed on U.S. beef in late March and early April of last year. Without an adjustment to the safeguard threshold, a similar scenario is possible in 2022 and highly likely in years to come.
Beef exports to Korea totaled 280,143 tonnes, up 14% and eclipsing the previous record set in 2019. Export value soared 38% to $2.382 billion – not only a record for Korea, but the highest value achieved in any destination. Korea’s surging demand for US beef has been driven largely by growth in the retail sector, both in traditional retail venues and e-commerce platforms. US beef also continues to benefit from the phase-out of Korea’s import duties as the tariff rate under the Korea-US Free Trade Agreement (KORUS) dropped to 10.7% for 2022, down from 40% prior to implementation of the FTA.
Capitalizing on the market access gains included in the US-China Phase One Economic and Trade Agreement, beef exports to China/Hong Kong also broke the $2 billion mark at $2.09 billion, up 114% from 2020, while volume climbed 87% to 240,827 tonnes. Direct exports to China, which started to gain significant traction in mid-2020, jumped 346% in volume (190,803 tonnes) and 413% in value ($1.59 billion). US beef accounted for 6% of China’s total imports on a volume basis and 11% by value. Grain-fed beef now accounts for an estimated 11% of China’s imports with the US as the largest supplier, providing approximately 68% of China’s grain-fed imports.
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