US beef exports cool - USMEF
Beef exports down 7% over last year
11 November 2022
1 minute read
By: US beef exports were below last year for the first time in 2022, but exports remain on a record pace through the first three quarters of the year, according to data released by USDA and compiled by the US Meat Export Federation (USMEF).
September beef exports totalled 115,487 mt, valued at $890.3 million, down 7% from a year ago in both volume and value. For the first nine months of 2022, beef exports were still 4% above last year at 1.12 million mt. Export value reached $9.12 billion, up 20% and already achieving the second highest total for any calendar year, trailing only the 2021 record ($10.58 billion).
While beef exports remain well-positioned to reach new heights in 2022, the September results reflected significant headwinds that have been building for some time.
“Demand for US beef has been extremely resilient, but inflationary pressure on consumers and weakened currencies in key markets have definitely created a more challenging environment,” said USMEF president and CEO Dan Halstrom. “Exports also continue to face logistical challenges, lockdowns in China and mounting inventories in some destinations. Still, it’s hard to view September sales of nearly $900 million as a disappointment, when this would have been an all-time record just 18 months ago. That really drives home what a remarkable year this has been for US beef exports.”
