Japan, Mexico, Taiwan push US beef export values - USMEF
Export value in June reached over $900 million
12 July 2024
2 minute read
By: Despite the persistently weak yen and other economic challenges, Japan has maintained its position as the leading volume destination for US beef in 2024, according to data released by USDA and compiled by USMEF. May beef exports to Japan were just under 21,000 mt, up 9% from a year ago, while export value climbed 20% to $164.1 million. For January through May, exports to Japan were still 3% below last year in volume (104,712 mt), but export value increased 5% to $796.8 million.
The weak yen’s silver lining is that it has contributed to a surge in foreign visitors, bolstering Japan’s foodservice and hospitality sectors. Tourists arriving in Japan in May jumped 60% from a year ago and topped 3 million for the third consecutive month. Tourism officials project that total arrivals this year could surpass the 2019 record of 31.88 million.
Demand for US beef in Mexico continues to gain momentum, with May exports increasing 9% from a year ago to 18,793 mt, while value climbed 17% to $109.8 million. Through May, exports to Mexico increased 17% to 96,323 mt, while value soared 23% to $564 million. This included more than 50,000 mt of beef variety meat, up 19% from a year ago, valued at $136.6 million (up 13%). Mexico is the largest volume destination for US beef variety meat, taking large volumes of tripe, lips, livers, hearts and kidneys.
Beef shipments to Taiwan have trended lower in 2024, but May saw a substantial rebound in export value at $63.2 million, up 6% from a year ago and the highest since August. May volume was 5,878 mt, down 4% year-over-year. For January through May, exports to Taiwan were down 12% from a year ago to 23,392 mt, but value slipped just 2% to $254.7 million. Despite a widening spread in the price of US beef versus major competitors, the US continues to dominate Taiwan’s chilled beef sector, capturing about 70% market share.
