USA: Beef exports top $1 billion again

US beef exports in April topped $1 billion for the third month in a row. Beef exports in April were 124,408 metric tons, up 3% from a year ago, the fifth-highest on record, while the value of exports rose 33% to $1.05 billion, trailing only a record $1.07 billion recorded in March, according to data released by the USDA and compiled by the US MEAT EXPORT Federation (USMEF).

Beef exports were marked by record exports to Taiwan and the Philippines and increased shipments to Japan, CHINA /Hong Kong, Indonesia, the Middle East and the Caribbean. From January to April, beef exports increased 5% year-over-year to 478,260 metric tons, worth $4.05 billion (a 38% increase). For SOUTH KOREA, the top buyer of US beef, the value of exports has already topped $1 billion, up nearly 50% from last year.

"Global demand for U.S. beef continues to overcome huge hurdles, from inflationary pressures to logistical challenges and recent restrictions in some of China's major metropolitan areas," said USMEF President and CEO Dan Halstrom. “We are seeing unprecedented levels of growth in our largest Asian markets, with demand growing in other regions as well, supported by a recovery in the foodservice sector.”

Halstrom cautioned that April results do not reflect the full impact of China's recent covid-19 lockdowns , some of which continued into May and early June. Inflationary pressures on consumer discretionary income and the appreciation of the US DOLLAR against the currencies of some key trading partners are also adding to the pressure on US red meat exports.