Challenging month for U.S. beef exports, but bright spots emerge

Published Mar 24, 2023

Tridge summary

January beef exports experienced a significant decline in most Asian markets, with South Korea seeing a 36% drop in volume and a 52% drop in value. Japan also saw a decrease, albeit by 2%. China/Hong Kong's exports fell by 24%, despite the country removing COVID-related restrictions. However, the surge in COVID cases might explain the delayed demand. In contrast, Mexico reported a 20% increase in beef exports from January of the previous year. The US beef industry may face increased competition in Mexico, as the country has approved import requirements for Brazilian beef, marking the first time it has allowed Brazilian beef imports.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

January beef exports were down substantially in most Asian destinations compared to the large year-ago totals, according to a recent press release from the US Meat Export Federation. 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 pronounced in Japan, where January exports were down 2% to 22,456 mt, with value falling 20% to $144.9 million. Exports to China/Hong Kong, which also reached new heights in 2022, fell 24% from a year ago to 14,980 mt, valued at $125.3 million. China lifted COVID-related restrictions on residents and travelers late last year and eliminated testing and disinfection of imported cold chain products in January. But these changes came amid a significant wave in COVID cases, which likely delayed any boost in consumer demand. Beef ...

Source: The Cattle Site