U.S. Beef Exports Top $1B in June Continue Record Setting Year

by Peter Thomas Ricci, meatingplace.com

U.S. beef exports showed no signs of slowing down in June, according to the latest analysis from USMEF.

For June, beef exports were valued at $1.05 billion, the fifth time this year that beef exports have surpassed the $1 billion mark; in all of 2021, exports only reached such levels on two occasions. June’s export

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value was up 31 percent over last year.

Total beef exports in June were 130,638 metric tons, a 16 percent increase over June 2021 and the fourth-largest volume on record. For the first half of this year, beef exports are up 6 percent over 2021, and value is up 33 percent to $6.19 billion.

Demand has largely been from Japan, South Korea, China/Hong Kong, and Taiwan, though USMEF noted that the Caribbean, Central America, Europe and the Middle East also posted strong demand.

“The first-half performance for U.S. beef exports was nothing short of remarkable, especially considering the growing economic headwinds in many key markets and continued shipping and logistical challenges,” said USMEF President and CEO Dan Halstrom. “The rebound in the global foodservice sector has provided a tremendous lift in 2022, even though it is still far from a full recovery in many Asian and European destinations. We definitely see opportunities for further growth, though inflationary pressure and the stronger U.S. dollar continue to raise concerns about consumer spending power.”

Pork continues to slide

Pork exports, by contrast, were down 8 percent from last year to 219,131 mt, with the overall value of $649.9 million down 7 percent. Total exports for 2022’s second half were down 18 percent from 2021, with values down 16 percent.

The largest factor, of course, is much lower demand from China. According to USMEF’s full data, thus far in 2022, pork exports to China are down 71 percent yearover-year, with the value of those exports down 69 percent.

Demand for U.S. pork, though, remains strong in Mexico, with exports up 24 percent from 2021; both Mexico and the Dominican Republic (where exports are up 48 percent) are on page for record years.

Lamb continues to break records

USMEF also noted that the U.S. lamb market continues its remarkable streak, with its success extending to the export market.

June exports of lamb were up 56 percent to 1,688 mt, with export value rising 84 percent. Thus far in 2022, exports are up 48 percent to 10,056 mt, while values are up 70 percent. ▫