BREAKING RECORDS U.S. beef exports hit all-time high from the U.S. Meat Export Federation October 2021 was another strong month for U.S. red meat exports as beef export value continued to soar, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). October pork exports were below last year’s large total but year-to-date shipments remained slightly above the record pace of 2020. Beef exports reached 115,709 metric tons (mt) in October, up 7.5 percent from a year ago, while export value climbed 48 percent to $956.9 million – the second-highest total on record, behind August 2021. Through the first 10 months of the year, beef exports totaled 1.19 million mt, up 17 percent from a year ago. Export value increased 38 percent to $8.53 billion, surpassing the 2018 record ($8.33 billion) with two months to spare. Pork exports totaled 226,206 mt in October, down 7 percent from a year ago, while export value slipped 3.5 percent to $618.8 million. For January through October, pork exports were up slightly from a year ago in volume (2.47 million mt) and increased 8 percent in value ($6.84 billion). “USMEF has always prioritized market diversification, and this is more critical than ever now that the red meat industry faces unprecedented transportation challenges and rising input costs,” said President and CEO Dan Halstrom. “Exports will likely reach about $18 billion in 2021, which is a remarkable achievement. While global demand is tremendous and we are cautiously optimistic about further growth in 2022, supply chain pressures are not easy to overcome and are a growing concern for exporters and their international customers.” Broad-based growth puts beef exports on $10 billion pace U.S. beef exports will top $2 billion this year in each of three key Asian markets – South Korea, Japan and China/ Hong Kong. Korea and Japan are already knocking on the door, with exports through October exceeding $1.9 billion. October beef exports to Korea increased 13 percent from a year ago to 21,934 mt, while value soared 57 percent to $212.4 million. Through October, exports were also up 13 percent to 235,260 mt and increased 32 percent in value to $1.93 billion. This growth included a 50 percent increase in chilled beef export value ($831 million), with chilled volume up 23 percent to 71,860 mt, despite ongoing social distancing restrictions impacting the foodservice sector. Restrictions were eased in November but have been largely reinstated since the emergence of the COVID-19 Omicron 70
Utah Cattleman Seedstock Edition
variant. Japan remains the leading volume destination for U.S. beef, with October exports up slightly from a year ago to 23,435 mt while value climbed 35 percent to $198.7 million. Through October, exports were 5 percent ahead of last year’s pace in volume (269,815 mt) and 19 percent higher in value ($1.92 billion). Growth to Japan included a 15 percent increase in chilled beef (to 130,551 mt), valued at $1.13 billion (up 24 percent percent)) on continued strong retail demand. Japan recently eased many of its COVID-related restrictions on restaurants including resumption of alcohol sales, though restaurant traffic remains significantly impacted by the pandemic. Beef exports to China continue to capitalize on the market access gains achieved in the Phase One Economic and Trade Agreement, with October exports up nearly 150 percent from a year ago to 16,815 mt and more than tripling in value to $148.1 million. Through October, exports to China increased more than 500 percent in volume (154,857 mt) and more than 600 percent in value ($1.26 billion). As China’s largest supplier of grain-fed beef, the U.S. accounted for 10 percent of China’s imports on a value basis and 6 percent of import volume. Exports to the combined China/ Hong Kong market have already far exceeded previous annual records, reaching 198,409 mt (up 114 percent from a year ago) valued at $1.69 billion (up 135 percent percent). ). Other January-October highlights for U.S. beef exports include: Although October exports to Mexico were below last year’s volume at 15,841 mt, value still increased 29 percent to $93.1 million. Through October, shipments to Mexico surpassed last year’s low totals by 14 percent in volume (163,560 mt) and 39 percent in value ($861.1 million). Mexico is the largest volume destination for U.S. beef variety meat, with exports increasing 11 percent to 78,647 mt and posting strong value growth at $211.2 million (up 20 percent). percent ). Beef exports to Taiwan have edged lower in 2021 at 51,948 mt (down 4 percent percent)) but are still on a record value pace at $532 million (up 16 percent percent). ). Chilled exports were up 22 percent to 26,921 mt, valued at $351 ...CONTINUED ON PAGE 72 VOLUME 8
•
FEBRUARY 2022
