Record sales of U.S. beef to East Asia markets in volume and value

Published 2022년 12월 30일

Tridge summary

In 2022, the United States witnessed a surge in beef exports to East Asia, including South Korea, Japan, China/Hong Kong, and Taiwan, reaching a new high in both volume and value. According to the US Department of Agriculture, the first nine months of the year saw a 22% increase in export value compared to the same period in 2011, amounting to US$ 6.6 billion. This surge indicates a 6.4% rise in volume. Despite economic challenges and supply chain disruptions, the demand for beef in East Asia is anticipated to remain strong, making it the primary market for US beef. The region's robust middle class and e-commerce sector have been key factors in this growth, even as the industry faces longer shipping times and higher costs.

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

Original content

United States beef exports to East Asia in 2022 broke the record reached last year, both in volume and value, according to a report by the US’s Department of Agriculture (USDA). “East Asia’s relatively robust middle class has supported demand for high-quality beef, and a developed e-commerce retail sector has provided flexible avenues for suppliers to promote beef products during the pandemic,” the agency said. East Asia (South Korea, Japan, China/Hong Kong, and Taiwan, mainly) is the leading destination for US beef. According to the USDA, exports between January and September reached US$ 6.6 billion, surpassing the previous record set in the same period of 2011 with US$ 5.4 billion, an increase of 22%. In volume, the increase was 6.4% over the same period. Unlike in other East Asian economies, where the United States and Australia are the two leading suppliers, in China/Hong Kong, the United States competes with several South American suppliers, namely Brazil, Argentina, and ...

Source: MercoPress