USA: Beef exports start the year with a drop

Updated Mar 14, 2023
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 billion. The drop was less pronounced in Japan, where January exports fell 2% to 22,456 tonnes swt, with value falling 20% to $144.9m. Exports to China/Hong Kong, which also reached new heights in 2022, fell 24% year-on-year to 14,980 tonnes swt, valued at ...
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