US beef export value sets records in key markets - USMEF
Exports to South Korea reached $2.51 billion
18 January 2023
2 minute read
By: According to a recent US Meat Export Federation (USMEF) report, in addition to setting a global value record with one month to spare, US beef exports also set annual value records in several individual markets.
This included value leader South Korea, where January-November exports reached $2.51 billion – already a full-year record not only for Korea, but for any single destination. November export volume to Korea increased slightly year-over-year to 23,612 mt, despite economic obstacles and a trucker strike that slowed cargo movement near the end of the month. November export value was $185.6 million, down 24% from the large total posted a year ago. January-November export volume to Korea was up 4% to 267,664 mt and the market is well-positioned to break the 2021 volume record when December results are available.
November beef exports to China/Hong Kong also held fairly steady year-over-year, declining only slightly to 20,233 mt, while export value fell 10% to $184.3 million. These results were impressive, given the economic turmoil resulting from China’s COVID-related restrictions and widespread protests that escalated late in the month. January-November exports to the region set new annual records, increasing 20% in volume (263,431 mt) and 27% in value ($2.41 billion). China’s recent lifting of most COVID restrictions has fueled optimism among importers, especially those serving the foodservice and hospitality sectors, but the benefits of these policy changes are likely to be delayed until China works through its current wave of COVID cases.
Led by growth in the Philippines and Vietnam, November was another strong month for beef exports to the ASEAN. Growth is widespread in the region, as exports to the Philippines, Singapore and Cambodia already set annual records and shipments to Thailand are on a record pace. Despite facing significant tariff disadvantages in the ASEAN and the added costs of the strong US dollar, January-November exports increased 20% from a year ago to 60,168 mt, while value climbed 60% to $427.5 million.
