Today is 1:00 p.m – Max van der Heyden
U.S. beef exports again hit record levels and values. For the fourth time this year, the export value of USD 1 billion has been reached. This is according to data released by the US Department of Agriculture last week.
In total, 135,006 tonnes of beef were exported in May this year, 1% more than the previous record in May 2021. The value of these exports rose 20% to $1.09 billion, breaking the record set in March 2022.
From January to May, US beef exports increased 4% from the same period in 2021. Value increased by 34% to $5.14 billion. “It’s remarkable that U.S. beef exports touch $1 billion each month, but with a strong dollar, ongoing logistics challenges and economic uncertainty, it’s extra special,” said Dan Halstrom, CEO of the U.S. Meat Export Federation.
Good results in Asia
Last year, beef exports to South Korea, Japan and China/Hong Kong totaled $2 billion. The export value of these three countries is significantly higher this year. Each country reached $1 billion in the first 5 months.
Export volume to South Korea was 8% lower, but export value still rose 18% to $265.1 million. In the period to May, exports to Korea were up 3% on last year’s record chart and 41% on a turnover basis. Total sales were $1.29 billion. South Korea has announced that it can import 100,000 tons of beef duty-free to curb inflation. This is in addition to the already reduced beef tariffs in the country.
China is growing despite Covid measures
Japan’s results are comparable to South Korea’s. Export value increased by 9% even as volume decreased by 6%. Exports lagged 3% in the January-May period, but value rose 21% to $1.04 billion.
Beef exports to Hong Kong and China are up 21% from a year ago, even as Covid measures still apply in China. Export value increased by 25% to 218.8 million dollars. During the January-May period, exports were up 26% in volume and 43% in value.
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