South Korea, Japan and China/Hong Kong have increased imports of US beef

Three foreign markets have bought US $6 billion worth of beef.

U.S. beef exports will exceed $2 billion this year in each of three key Asian markets - South Korea, Japan, and China/Hong Kong. Korea and Japan bought more than $1.9 billion worth of beef from the US in January-October, the US Meat Export Federation (USMEF) said in a press release. In October, beef exports to Korea increased 13% year-over-year to 21,934 tons, while the value rose 57% to $212.4 million. This growth included a 50% increase in the value of chilled beef exports ($831 million), with chilled beef volume up 23% to 71,860 tons, despite ongoing social distancing restrictions affecting the catering sector. Restrictions were eased in NovemberCOVID-19 Omicron.

Japan remains the leader in US beef shipments, with exports up slightly year-over-year to 23,435 tons in October and value up 35% to $198.7 million. During October, exports were 5% higher than last year's pace (269,815 tons) and 19% higher in value ($1.92 billion). Growth in Japan included a 15% increase in chilled beef shipments (to 130,551 tons) worth $1.13 billion (up 24%) thanks to continued strong retail demand.

Beef exports to China continue to build on increased market access achieved under the Phase Trade Agreement, with October exports up almost 150% year-over-year to 16,815 tonnes and more than tripling in value to 148.1 million dollars. During October, exports to China increased by over 500% in volume (154,857 tons) and over 600% in value ($1.26 billion). As China's largest supplier of grain-fed beef, the US accounts for 10% of China 's imports by value and 6% by volume. Exports to the combined market of China and Hong Kong have already far exceeded previous yearly records, reaching 198,409 tons (up 114% from a year ago) worth $1.69 billion (up 135%).

Overall, U.S. red meat exports this year are expected to exceed $18 billion, of which $10 billion is beef, said Dan Halstrom, President and CEO of USMEF: “Exports are likely to reach approximately $18 billion in 2021, which is an outstanding achievement. While global demand is huge and we are cautiously optimistic about further growth in 2022, supply chain pressures are not easy to overcome and are a growing concern for exporters and their international customers."