Beef Export Value Climbs in June
August 8, 2024
June exports of U.S. beef reached the highest value in nearly two years, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). While June pork exports were lower year-over-year, shipments through the first half of the year remained ahead of the record value pace of 2023.
Japan, Taiwan, Canada lead strong June performance for beef export value
Beef exports totaled 110,155 metric tons (mt) in June, down 4% from a year ago but the second largest of 2024. Export value reached $938.3 million, up 3% year-over-year and the highest since August 2022. Exports trended higher to Japan and were the third largest on record to Taiwan, while shipments to Canada were the largest in nearly a decade. June exports to South Korea were below last year but rebounded compared to May. Through the first half of the year, beef export value climbed 5% from a year ago to $5.22 billion, despite a 4% decline in volume (643,733 mt).
“June beef exports performed very well in Japan, which was great to see given the significant headwinds U.S. beef has faced there this year,” said USMEF President and CEO Dan Halstrom. “Export value also rebounded nicely in Korea and shipments to Taiwan and Canada were outstanding. This made for another strong month in terms of export value per head slaughtered, which was nearly $460 in June.”
June pork exports lower, but bright spots include Korea, Central America, Caribbean
June pork exports totaled 224,392 mt, down 9% from a year ago and the lowest since September, while export value fell 5% to $659.7 million. June exports to leading market Mexico were modestly lower year-over-year but still increased in value, while shipments to Korea remained very robust. Other top performers for U.S. pork in June included Central America, the Caribbean and Canada. January-June pork exports reached 1.52 million mt, 3% above the first half of 2023, while export value increased 5% to $4.26 billion.
“June was a slower month in a few of our key destinations for U.S. pork, including Mexico and Colombia, where exports have been on a blistering pace and buying accelerated again in July,” Halstrom said. “But June was another terrific month for U.S. pork in Korea, where exports could be record-large this year. Shipments also trended higher year-over-year to Central America and Canada, and it was encouraging to see export value per head slaughtered hold firm in the $66 range.”
Lamb export volume trends higher in June
June exports of U.S. lamb totaled 191 mt, up 26% from a year ago, although value declined 16% to $827,000. Through the first half of 2024, lamb exports increased 12% in volume (1,485 mt) and 19% in value ($8 million), with shipments trending higher to the Caribbean, Mexico, the ASEAN region, Canada and Taiwan, while exports were steady to Japan.
A detailed summary of the January-June export results for U.S. beef, pork and lamb, including market-specific highlights, is available from the USMEF website.
Source: USMEF
