USMEF: US beef exports report strong volumes in July
The export value for beef in July was slightly below the May 2018 record of $722.1 million.
Furthermore, in the first 7 months of this year, beef exports established a record pace in both volume (779,450 mt, up 10% year-over-year) and value ($4.76 billion, up 20%).
The United States witnessed another spectacular performance in South Korea and strong growth in Japan, Taiwan and Latin America.
Analysts at USMEF added that July beef exports accounted for 14% of the total US beef production and 11.8% for muscle cuts only (the highest since December 2016) – each up nearly a full percentage point from a year ago.
For January through July, exports accounted for 13.5% of total beef production and 11.1% for muscle cuts – up from 12.8% and 10.1%, respectively, last year. Beef export value averaged $326.18 per head of fed slaughter in July, up 9% from a year ago. Through July, per-head export value was up 16% to $318.31.
“The worldwide momentum for U.S. beef has rarely been as strong as it is today,” Halstrom said. “To a large degree our mainstay Asian markets are driving this growth, but emerging markets in Asia and in the Western Hemisphere are also displaying a tremendous appetite for U.S. beef and contributing significantly to the surge in export value. From high-end restaurants to convenience stores, U.S. beef is gaining new fans across the globe on a daily basis.”
US beef exports reported record values in a wide range of markets
According to USMEF, US beef exports to Japan hit a post-BSE volume high in July, reaching 31,883 mt (up 15% from a year ago) valued at $196.3 million (up 12%). For January through July, exports were up 7% in volume (191,237 mt) and 12% in value ($1.21 billion). Analysts at USMEF said that this included a 4% increase in chilled beef exports to 87,034 mt valued at $694.9 million (up 13%).
USMEF further explained that US beef has captured 50% of Japan’s chilled import market this year, down slightly from a year ago.
Another remarkable growth pace for US beef exports was reported in the Korean market where in July the volume of the shipments increased 51% from a year ago to 23,614 mt and value soaring 66 percent to $169.2 million.
For January through July, exports to Korea jumped 38% to 136,897 mt, valued at $971.2 million (up 54%). This included a 33% increase in chilled beef exports to 29,923 mt, valued at $289.2 million (up 45%). U.S. beef has accounted for 58% of Korea’s chilled beef imports this year and 53% of the chilled/frozen total (up from 54% and 47%, respectively, during the same period last year).
USMEF also said that it expects Australia to trigger its beef safeguard in the coming weeks. This would result in a temporary tariff rate increase agreed to in the Korea-Australia Free Trade Agreement. USMEF considers that this could further strengthen momentum for U.S. chilled beef to Korea through the end of this year.
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