USMEF: Rebound in China, Hong Kong, and Korea fuel October beef exports in the US

Published Dec 10, 2024

Tridge summary

U.S. beef exports to Mexico, South Korea, and China/Hong Kong have seen a rebound in October, with significant growth in shipment volumes and values. From January to October, beef export value increased by 4% to $8.68 billion despite a 2% decline in volume. There was a notable 16% increase in exports to China/Hong Kong, reaching the largest since June 2023, and a 5% increase to South Korea, the leading value destination for U.S. beef. Beef exports to Mexico also experienced a 7% increase, showing strong demand despite the peso's weakening. Additionally, lamb exports to the Caribbean saw a rise, compensating for a decrease in shipments to Mexico and Canada, with a 12% increase in volume and a 14% increase in value during the first ten months of 2024.

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

Original content

Shipments to Mexico maintained their impressive 2024 performance in October, while exports rebounded to South Korea and China/Hong Kong. For January through October, beef export value was 4% above last year at $8.68 billion, despite a 2% decline in volume (1.066 million mt). "It’s encouraging to see an uptick in demand for U.S. beef in China and Korea, where the economic headwinds have been formidable this year", said USMEF President and CEO Dan Halstrom. "Our Western Hemisphere markets have been outstanding, and exports have also expanded to the ASEAN region. So if U.S. beef can regain momentum in these larger Asian destinations, this bodes well for 2025". Beef exports to China/Hong Kong totaled 20,493 mt in October, up 16% from a year ago and the largest since June 2023. Export value climbed 17% to $190.6 million, also the highest since June 2023. January-October exports to the region were 8% below last year in volume (177,542 mt) and 3% lower in value ($1.64 billion). October ...

Source: EuroMeat