BEEF ABROAD
BEEF EXPORT VALUE SETS ANOTHER RECORD from the U.S. Meat Export Federation U.S. beef exports soared to another new value record in March, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). March pork exports were the largest so far this year but well below the record-large totals posted in March 2021. Lamb exports continued to gain momentum in March, reaching the third largest monthly volume on record and the highest value in nearly eight years. Beef exports totaled 126,285 metric tons (mt) in March, up 1 percent from a year ago and the third largest on record, while value climbed 33 percent to a record $1.07 billion. First quarter exports increased 6 percent to 353,852 mt, valued at just over $3 billion (up 41 percent). “Global demand for U.S. beef has eclipsed anything I have seen in many years in the meat business,” said USMEF President and CEO Dan Halstrom. “While this momentum is fueled by mainstay markets such as South Korea, Japan and Taiwan, demand is also very strong in China/Hong Kong and key Latin American markets, while exports to the Middle East have rebounded impressively.” Halstrom cautioned that first quarter results do not fully reflect the impact of recent COVID-19 lockdowns in China that have slowed product movement and forced many restaurants to suspend or limit service. These obstacles are likely to have a greater impact on April and May export data. He also noted that while beef demand has been very resilient, inflation represents a potential headwind. “Consumers throughout the world have shown how
28 California Cattleman June 2022
much they value the quality of U.S. beef, but disposable income is under increasing pressure as they pay more for energy and other daily needs,” he said.
Korea emerges as top destination for U.S. beef
March beef exports to leading market South Korea totaled 26,834 mt, up 11 percent from a year ago, valued at $278.3 million – up 58 percent and the second highest on record, trailing only the record total ($316.4 million) posted in January. First quarter exports to Korea were 75,445 mt, up 9 percent from a year ago, while export value climbed 57 percent to $792.6 million. Export growth to Korea has been largely driven by soaring retail demand, but the foodservice climate received a boost in April as Korea removed all COVID-related limits on restaurant operating hours and lifted most social distancing restrictions on consumers. Following a similar course, Japan recently lifted the COVID quasi-state of emergency that was in place in 18 of the country’s 47 prefectures. March beef exports to Japan were 25,690 mt, down 10 percent from a year ago, but value still increased 17 percent to $212.6 million. First quarter exports to Japan climbed 22 percent in value to $594.2 million, despite a 4 percent decline in volume (72,179 mt). China has taken a decidedly different approach to COVID outbreaks, recently imposing lockdowns in several
