U.S. beef exports top $10 billion for first time

In 2021, U.S. beef exports increased by 15% in volume and 38% in value compared to the previous year.

U.S. beef exports significantly surpassed previous records in volume and value in 2021, surpassing the $10 billion mark for the first time, according to year-end data released by the USDA and compiled by the United States MEAT EXPORT Federation (USMEF).

Beef exports in December were 121,429 tons, up 1% from a year ago, and the value rose 33% to $991.8 million, the third-highest month on record. These results boost 2021 volume to 1.44 million tonnes, up 15% from a year ago and 7% above the previous record set in 2018. The value of exports rose to $10.58 billion, up 38% from 2020, beating the previous record set in 2018 by 27%. 

“The results for beef exports are truly remarkable, especially given the COVID-19- related hurdles in the global foodservice sector, as well as all the supply and logistics challenges the US industry is facing. Obviously, most of the growth is in our large Asian markets, but it really takes a lot of global demand to reach these impressive levels, so the success story is not only in Korea, Japan and CHINA , but also strong performance in Taiwan, excellent growth in Central and South America and recovery in Mexico and Southeast Asia,” said USMEF President and CEO Dan Halstrom. Three major export destinations account for over 60% of beef export revenue.

Japan remained the top destination for U.S. beef exports in 2021 with 320,737 tons, up 5% from 2020. The value of exports rose 22% to a record $2.376 billion, but ranked second behind SOUTH KOREA. The US industry remains concerned about Japan's import security measures, which resulted in higher tariff rates on US beef in late March and early April last year. Without adjustments to the protective threshold, a similar scenario is possible in 2022 and highly likely in the coming years.

Beef exports to Korea amounted to 280,143 tons, up 14% from the previous record set in 2019. The value of exports rose 38% to $2.382 billion, not only a record for Korea, but also the highest ever achieved by any export destination. The growing demand for American beef in Korea is mainly driven by the growth of the retail sector, both in traditional retail outlets and e-commerce platforms. US beef also continues to benefit from Korea's import tariff phase-out as the tariff rate under the Korea-US Free Trade Agreement (KORUS) has dropped to 10.7% by 2022 from 40% before.

With increased market access under the US-China Phase 1 Economic and Trade Agreement, beef exports to China /Hong Kong also topped the $2 billion mark at $2.09 billion, up 114% from 2020 , and the volume increased by 87% to 240,827 tons. Direct exports to China, which began to gain momentum in mid-2020, jumped 346% in volume (190,803 tons) and 413% in value ($1.59 billion). American beef accounted for 6% of China's total imports in volume terms and 11% in value terms.