US beef exports remain strong

Published Jan 24, 2023

Tridge summary

The US cattle and beef markets for 2023 will be heavily influenced by exports, with the currency markets playing a key role. Despite global economic uncertainties, beef export data shows overall growth, with a high of 12.2% in 2021. However, November trade data showed a decrease in both imports and exports for the second month of 2022. The export volume from January to November 2022 was 4.0% above the record volume for 2021, with significant increases in shipments to China, the Philippines, Singapore, Cambodia, and Taiwan. Conversely, imports were down in November and through November, with increases only seen in Canada, Mexico, and Brazil. The World Agricultural Supply and Demand Estimates predict a 13% decrease in beef exports in 2023 compared to 2022, and a 1% decrease in imports.

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

Original content

Exports will be a key driver for the US cattle and beef markets in 2023. The maintenance of export demand will be influenced by what happens in the currency markets. Beef export data continues to show overall growth, but with a high level of economic uncertainty around the world as headwinds remain strong. Beef exports accounted for 12.2% of total annual production in 2021. The share of exports increased slightly in 2022. November trade data showed monthly US beef import levels were the lowest in nearly two years, while exports were down for the second month of 2022 from a year earlier. November beef exports were 125.64 million kg, down 6.1% from November 2021. Lower shipments were seen to most major destinations, with China down 10.7% from 2021. year-on-year, Japan down 10.1%, Mexico down 5.4% and South Korea down 3.0%. Exports to Canada registered a 7.9% year-on-year increase. The export volume from January to November 2022 was 1.48 billion kg, 4.0% above the record volume for ...

Source: Beefpoint