USA: Beef exports start the year with a drop

Published 2023년 3월 13일

Tridge summary

US beef exports in January saw a 15% decrease in volume and a 32% decrease in value compared to the same period last year, totaling 100,942 tonnes swt and $702.3m, respectively. Despite this, there was a notable increase in shipments to Mexico, the Dominican Republic, the Philippines, and Africa. However, exports to key Asian markets like South Korea, Japan, and China/Hong Kong experienced significant drops. China's new policies regarding COVID-19 restrictions and imported goods may contribute to the decline in beef exports to the region. Meanwhile, Mexico is preparing to allow beef imports from Brazil, which could potentially impact the US beef market in the country.

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

Original content

US beef exports declined to several key destinations in January, although shipments increased sharply to Mexico, the Dominican Republic, the Philippines and Africa. January volume was down 15% year-on-year to 100,942 tonnes swt, valued at $702.3m (down 32%). Beef inventories increased in some key markets towards the end of last year, contributing to a challenging environment for US exports. “While beef exports are off to a slow start in 2023, we remain optimistic that demand for post-COVID food services will strengthen in additional markets as the year progresses,” said President and CEO of the Export Federation of US Meats (USMEF), Dan Halstrom. Beef exports in January were down substantially from most Asian destinations compared to year-ago grand totals. The drop was especially sharp in South Korea, where volume fell 36% to 18,896 tonnes swt and value fell 52% to $151.5m. Korea is coming off a record year in which exports set an all-time record for any destination, hitting $2.7 ...

Source: Beefpoint