Slow Demand in Neighbouring Countries Behind Sluggish February US Beef Exports

February exports of US beef were roughly steady with last year’s volumes but export value moved lower as prices continued to decline from the 2014 highs, according to statistics released by USDA and analysed by the US Meat Export Federation (USMEF), contractor to the beef checkoff.

The price reductions reflect more abundant red meat supplies and a fiercely competitive international marketplace, USMEF said.

February beef exports totalled 183.4 million pounds, up slightly from last year, while value dropped 18 per cent to $437 million. January-February exports were up 2 per cent in volume (364.9 million pounds) from a year ago but fell 16 per cent in value ($875.1 million).

USMEF President and CEO Philip Seng said the February results fell short of expectations.

“Given the headwinds US exports faced early last year, including the severe congestion in the West Coast ports, we expected to see year-to-year increases in most markets, but the actual picture was mixed,” Mr Seng explained.

“Beef exports did rebound in most Asian markets compared to February 2015, but these gains were largely offset by declines in our neighbouring markets.” – Read more.