US beef exports reach new heights in key markets in 2022

Published Feb 15, 2023

Tridge summary

Beef exports to Korea and China/Hong Kong reached record highs in 2022, with Korea's imports up 4% to 291,748 mt, valued at $2.7 billion, and China/Hong Kong's imports up 16% to 278,294 mt, valued at $2.55 billion. Despite a decrease in December, the surge in exports to Korea was driven by retail demand, and further COVID restrictions easing could benefit the foodservice sector. Exports to Taiwan hit new records with a total of 64,818 mt. US beef variety meat exports also set a value record of $1.24 billion, up 15% from the previous year.

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

Original content

A solid December performance capped a record-shattering year for beef exports to Korea, which climbed 4% year-over-year to 291,748 mt. 2022 export value was $2.7 billion, up 13% and setting an all-time record for any single destination, according to a press release from US Meat Export Federation (USMEF). In December, exports increased 12% from a year ago to 24,084 mt, though value trended lower at $192.3 million (down 10%). Throughout the pandemic, beef export growth to Korea has been driven by soaring retail demand, in both traditional venues and e-commerce. The foodservice sector could receive a boost from Korea’s further easing of COVID restrictions, including removal of the nationwide indoor mask mandate at the end of January. Beef exports to China/Hong Kong were also record-large in 2022, with volume totalling 278,294 mt (up 16% year-over-year) valued at $2.55 billion (up 22%). But December was a difficult month, as exports fell more than 30% from a year ago in both volume ...

Source: The Cattle Site