USMEF: Beef export value trends higher in 2024
December beef exports totaled 110,171 mt, up 1.5% from a year ago, while value climbed 4% to $897.6 million - the highest since July. For the full year, beef exports were 1.29 million mt, down 0.5% year-over-year, while value increased 5% to $10.45 billion.
"Considering the formidable headwinds in the large Asian markets – especially in the first half of the year - and the challenges on the supply side, beef exports exceeded expectations in 2024", said USMEF President and CEO Dan Halstrom. "The economic climate in Asia has shown modest improvement and in the meantime, demand for U.S. beef strengthened in other regions, including double-digit growth in Mexico. The U.S. beef industry continues to export a steady percentage of production at higher prices, as evidenced by export value per head of fed slaughter reaching $415. U.S. beef always sells at a premium internationally, and the strong U.S. dollar contributed to further increases in pricing in local currencies. So the 2024 results confirm that global demand is extremely resilient".
Market diversification also paid dividends for beef exports, which achieved annual volume and value records in a number of emerging markets, including the Dominican Republic, Guatemala, Honduras, Panama, the Leeward-Windward Islands, Netherlands Antilles, Turks and Caicos, Cuba, Guyana, Singapore and Morocco. Value records were reached in the Bahamas, Bermuda, Qatar, Jordan and Bahrain.
Beef exports post strong finish, with annual records in Caribbean and Central America
Mexico’s demand for U.S. beef was outstanding in 2024, with exports increasing 10% year-over-year to 232,488 mt, valued at $1.35 billion – up 13% and the highest since 2009. While a rapid start to the year was attributed in part to the strong peso, shipments held up well in the second half, even as the peso weakened by about 20% versus the dollar.
Brazil emerged as the second-largest beef supplier to Mexico (surpassing Canada and Nicaragua) with shipments of 46,000 mt, benefiting from duty-free access, as noted in the pork section. This again illustrates that it is imperative to maintain duty-free access for U.S. beef in Mexico and other markets covered by trade agreements.
Beef exports to Korea topped $2 billion for the fourth consecutive year, gaining 4% year-over-year to $2.22 billion. This was achieved despite a 6% drop in volume to 232,481 mt. Political turmoil in Korea, triggered by the impeachment and arrest of embattled President Yoon Suk Yeol following his declaration of martial law in early December, hasn’t slowed consumer demand for beef. However, the situation has further weakened Korea’s currency and dampened the economic outlook for the coming year.
After a slow start to the year, beef exports to Taiwan came on strong in the second half to reach 62,503 mt, up 4% year-over-year, valued at $709.2 million – up 13% and the second highest on record. The U.S. is the dominant supplier of chilled beef to Taiwan, holding 71% market share.
Other 2024 results for U.S. beef exports include:
Similar to pork, Japan’s demand for U.S. beef held fairly steady in 2024. Although export volume was down slightly from a year ago at 242,869 mt, value increased 3% to $1.87 billion. While Japan’s foodservice sector has benefited from record-high tourist arrivals and strong year-end wage increases (largely through bonuses), some segments like pub dining have yet to recover to pre-COVID sales levels.
Although beef exports to China/Hong Kong trended lower in 2024, shipments rallied late in the year to just under $2 billion in value (down 2% from 2023). Export volume fell 6% to 215,603 mt. As USMEF previously reported, China’s Ministry of Commerce recently opened a safeguard investigation on the impact of rising beef imports on domestic producers, with an investigation period of 2019 through June 2024. China’s overall beef imports set another record in 2024, mainly due to growth from South America.
Led by Egypt’s rebounding demand for beef variety meat and an increase in muscle cut shipments to Kuwait and Qatar, exports to the Middle East rebounded to 52,337 mt – up 18% year-over-year. Export value increased 12% to $230 million, and export value was record-large to Qatar, Jordan and Bahrain. Fourth quarter exports were hampered by an impasse with the United Arab Emirates (UAE) over halal certification. While this obstacle has been temporarily resolved, regaining full access to the UAE remains a top priority for the U.S. industry.
Record shipments to the DR, Cuba, the Leeward-Windward Islands, the Netherlands Antilles and Turks and Caicos pushed beef exports to the Caribbean up 18% from a year ago to a record 32,349 mt, while value increased 11% to $282.4 million – also the highest on record. Demand in the DR has been bolstered by surging tourism, but also robust growth in the retail sector. Shipments to Cuba are mostly canned beef along with frozen beef livers and some frozen beef cuts.
Fueled by the 11th consecutive year of record exports to leading market Guatemala and strong growth to Panama and Honduras, beef exports to Central America were also record-large in 2024. Exports topped previous highs reached in 2023 by 3% in volume (21,746 mt) and 7% in value ($160.2 million).
Beef exports to Colombia were stifled in 2024 by state-specific restrictions related to avian influenza in dairy cows, which began in April and were not removed until late September. Exports to Colombia had averaged more than $3 million per month prior to the restrictions. While demand has not fully recovered, December exports reached 310 mt valued at just over $2 million.
Beef export value per head of fed slaughtered equated to $415.08 in 2024, up 5% from 2023. Exports accounted for just under 14% of total production and 11.5% of muscle cuts, each ratio down slightly from a year ago.
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