Key Asian markets and Mexico fuel strong month for US beef exports
Export value increased 7% to $1.15 billion
12 September 2024
2 minute read
By: Following a solid June performance, July beef exports to Japan reached 22,031 mt, up 14% from a year ago, while export value climbed 16% to $175 million, according to data released by USDA and compiled by the US Meat Export Federation (USMEF). These results pushed January-July exports even with last year’s pace at 149,051 mt, while export value increased 7% to $1.15 billion. Although Japan’s economy continues to struggle, surging tourism has been a bright spot and has bolstered demand for US beef in the foodservice and hospitality sectors.
While the yen has strengthened in recent weeks versus the US dollar it still weighed on July exports, trading in the 160 range in the first half of the month. Japan’s real consumer incomes increased in June and July, following 27 months of declining wages in inflation-adjusted terms.
Mexico’s demand for US beef continues to expand despite the recent devaluation of the peso. July beef exports to Mexico were the largest this year at 21,081 mt, up 19% from a year ago. Export value climbed 17% to $122.5 million – the highest in nearly four years. For January through July, exports to Mexico were 14% above last year in volume (134,554 mt) and 19% higher in value ($785.3 million). This includes more than 71,000 mt of beef variety meat, up 15% from a year ago, valued at $192.7 million (up 10%). Mexico is the largest volume destination for U.S. beef variety meat and second to Japan in value.
After a slow start in 2024, beef exports to Taiwan have accelerated in recent months. July shipments totaled 6,142 mt, up 16% from a year ago, while export value soared 33% to $69.5 million. While January-July volume to Taiwan still trailed last year (36,852, down 6%), export value increased 7% to $404.2 million.
