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USMEF: Western Hemisphere and Middle Eastern markets drive April beef exports

April beef exports totaled 111,580 mt, up slightly from a year ago and the largest since June 2023. Export value increased 5% to $898.7 million, also the highest since June. Through the first four months of 2024, beef export value was also up 5% year-over-year to $3.38 billion, despite a 3% decline in volume (423,445 mt).

Posted on Jun 13 ,00:10

"Mexico also continued to shine on the beef side, along with the Caribbean, Central America and the Middle East", said USMEF President and CEO Dan Halstrom. "These markets are benefiting from foodservice demand and currency advantages compared to the main Asian markets. The headwinds in Asia remain formidable, but the tourism boom in Japan has helped solidify demand and exports have stabilized this year, despite the continued weakness in the yen and strong competition from Australia. Robust retail and e-commerce demand has helped U.S. chilled beef continue to dominate in Korea and Taiwan".

Through April, U.S. beef accounted for 69% of Korea’s chilled imports and 72% for Taiwan.

Bolstered by strong foodservice and retail demand, April beef exports to Mexico climbed 46% from a year ago to 21,031 mt. Export value increased 48% to $120.8 million – the highest since December 2020 and the seventh highest on record. Coming off a strong rebound in 2023, January-April exports to Mexico increased 19% to 77,530 mt, while value jumped 24% to $454.3 million. This included an outstanding performance for beef variety meat exports, which increased 23% from a year ago in volume (40,490 mt) and 16% in value ($108.7 million).

With a severe drought situation and surging imports of corn, Mexico is exporting more feeder cattle to the United States, exporting less beef to the United States and importing more U.S. beef.

Beef exports to the Caribbean continued to shine in April, reaching 2,891 mt – up 47% from a year ago and the fourth largest on record. Export value increased 17% to just under $23 million. January-April exports to the region totaled 11,928 mt, up 24% from a year ago, valued at $99.3 million (up 15%). Beef variety meat exports increased 25% through April to 2,066 mt, valued at $4.8 million (up 22%), led by outstanding growth in Trinidad and Tobago and a continued rebound in shipments to Jamaica, the region’s top destination for beef variety meats. 

April beef exports to Japan increased 6% from a year ago in volume (21,028 mt) and 11% in value ($162.9 million). For January through April, shipments to Japan were still down 6% from a year ago at 83,720 mt, but value achieved a 2% increase at $632.7 million. Japan remains the leading value destination for beef variety meat exports, mainly purchasing tongues and skirts. These exports increased 2% through April to 15,042 mt, while value climbed 19% to $162.3 million. Inventories of imported beef at the end of April were down 16% from a year ago and Japan’s purchases of U.S. beef are expected to remain relatively steady, as has been the case through the first four months of the year. The weak yen is a significant challenge, especially when combined with Japan’s high import duties, but there is still demand for grain-fed U.S. beef at retail and foodservice. 

Other January-April results for U.S. beef exports include: 

• April exports of beef variety meat jumped 14% from a year ago to 25,242 mt, while value increased 9% to $97.6 million. Through April, variety meat exports increased 4% to 94,661 mt, valued at $367.7 million (up 5%). In addition to the gains achieved in Mexico, the Caribbean and Japan, exports also rebounded from last year’s low levels to Egypt and increased to Peru, Gabon, Chile, Honduras and Morocco. 
• Sharply higher beef muscle cut exports to the United Arab Emirates, Kuwait and Qatar, along with larger variety meat shipments to Egypt, fueled a strong April for U.S. beef in the Middle East. April exports increased 26% to 4,882 mt, valued at $25 million (up 32%). Despite ongoing logistical and economic challenges in the region, January-April exports climbed 37% from a year ago to 19,444 mt, valued at $86.4 million (up 38%), driven by strong foodservice demand and an increase in tourism in areas away from the Red Sea, as well as emerging retail demand.   
• Led by growth in Panama and Honduras, April beef exports to Central America increased 20% from a year ago to 1,784 mt, while value was up 3% to $11.9 million. January-April exports to the region increased 8% in volume (7,492 mt) and 12% in value ($54.4 million) as export volume continued to increase to top market Guatemala and trended higher to Honduras, Nicaragua, and Panama. 
• April beef exports to Canada totaled 8,247 mt, up just 1% from a year ago, but value climbed 18% to $77.3 million. January-April exports followed a similar trend, increasing 17% in value to $271.6 million despite a slight decline in volume (30,327 mt, down 1%). 
• Beef exports to leading value market Korea trended lower in April, down 20% to 19,929 mt, while export value fell 8% to $186.1 million. Through the first four months of the year, shipments to Korea declined 11% in volume to 78,897 mt, but still climbed 5% in value to $740.1 million. As noted above, the U.S. remains Korea’s dominant supplier of chilled beef, capturing 69% of the imported chilled market. 
• April beef exports to Taiwan fell 4% from a year ago to 5,402 mt, but volume was the highest since August.  April export value achieved a slight increase at $58.8 million. January-April exports to Taiwan fell 14% to 17,514 mt and were down 4% in value to $191.5 million. As also noted above, the U.S. continues to dominate Taiwan’s imports of high-quality chilled beef with 72% market share. 
• While beef exports to China/Hong Kong were down 12% from a year ago at 18,665 mt and value fell 9% to $170 million, exports to China (16,526 mt) were the largest since May 2023.  Through April, exports to the China/Hong Kong declined 9% in volume (69,787 mt) and 4% in value ($639.8 million). Chinese demand for U.S. beef continues on a separate track from that of the massive volumes of grass-fed beef from South America. Although export prices for Brazilian beef have recently fallen by one-third and volumes have soared, China is buying more consistent volumes of U.S. beef, with vast premiums compared to prices paid for competitors’ products. 
• April beef export value equated to $416.87 per head of fed slaughter, down 6% from a year ago, but the January-April average was still up 5% to $410.25. Exports accounted for 14.1% of total April beef production and 11.7% for muscle cuts – down from the high ratios reported a year ago (15.7% and 13.5%, respectively). For January through April, exports accounted for 13.9% of total production and 11.6% of muscle cuts, each down about one-half percentage point from a year ago. 

April lamb exports above last year, but lowest of 2024

April exports of U.S. lamb totaled 224 mt, up 33% from a year ago but the lowest since December. Export value was up 21% to $1.25 million. January-April exports increased 1% from a year ago to 1,043 mt, while value climbed an impressive 19% to $5.9 million. Growth was driven primarily by the Caribbean and Mexico, but shipments also increased year-over-year to Canada, the Philippines and Taiwan.    

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