US beef exports reach new heights in key markets in 2022

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 ...