U.S. beef exports were record-breaking in 2022 but slowed late in the year, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). This trend continued in January, as shipments were well below the large totals from a year ago.
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Beef exports declined to several major destinations in January, though shipments increased sharply to Mexico, the Dominican Republic, the Philippines and Africa. January volume fell 15% year-over-year to 100,942 mt, valued at $702.3 million (down 32%). Beef inventories swelled in some key markets near the end of last year, contributing to a challenging environment for U.S. exports. "While beef exports are off to a slow start in 2023, we remain optimistic that post-COVID foodservice demand will strengthen in additional markets as the year progresses", said USMEF President and CEO Dan Halstrom. January beef exports were down substantially in most Asian destinations compared to the large year-ago totals. The decline was especially sharp in South Korea, where volume dipped 36% to 18,896 mt and value fell 52% to $151.5 million. Korea is coming off a record year in which exports set an all-time record value for any single destination, reaching $2.7 billion. The decline was less ...