US beef export volumes fell by 10% in the first half of 2023 to 669,176t, with the value down 19% at just under $5bn compared with over $6bn in the first half of 2022.
US cattle supplies have been reduced in 2023, which has meant less beef available to trade and high cattle prices also means it is more expensive than it was a year ago.
Alongside this is the fact that Australian volumes of beef for global trade has increased, as the herd rebuild is complete, meaning more competition in international markets.
A further twist is that all of the Asian markets - with the exception of China - have reduced beef import volumes in the first half of 2023.
Markets
Asia is the largest volume and value market for US beef exports. In the first half of 2023, South Korea imported 133,735t of US beef, which was down 11% from 150,493t for the same period last year.
Japan fell to the second-highest buyer of US beef exports, down 17% from 155,513t in the fist half of 2022 to 129,044t this year.
China and Hong Kong are the third-largest US beef export market, after rapid growth since the ending of the trade war in 2021, but the volume dropped 12% to a still very healthy 119,810t.
Despite the overall drop in US beef exports, there were growing markets as well. The most notable increase in exports was to Mexico, where the volume increased by 14% to 100,171t for the first half of the year.
Also, the EU and the UK continue to show steady growth, though from a very low base. Volumes increased by 8% in the first half of the year to 10,890t.
Pigmeat
US pigmeat exports for the first half of 2022 increased in volume by 14% to just under 1.5m tonnes, with a 12% increase in value to just over $4bn.
Mexico is a huge market for US pigmeat exports and it increased again in the first half of the year, up 14% to 532,934t compared with 469,295t in the same period last year.
With less pigmeat produced in the EU, the US stepped into the void in exports to China, increasing volumes by a huge 24% in the first half of the year to 275,358t.
Volumes to South Korea were also up 10% to 101,969t, while Japan was the exception in that exports to that market fell slightly to 187,269t, a 1% drop.
There were also notable increases to smaller markets for US pigmeat exports. Volumes to the Dominican Republic increased by 29% to 55,934t, while sales to Australia were up a huge 70% to 33,179t.
Comment
US beef exports are doubly squeezed in that they have restricted availability, but this isn’t necessarily a bad thing because their main Aisan market is weak at present and there is also additional supplies from Australia.
For pigmeat, it is the opposite - there is plentiful supply and export opportunity due to a drop in EU production and exports.
Read more
Australians ramp up beef and lamb output
US beef exports fall again in May
US beef export volumes fell by 10% in the first half of 2023 to 669,176t, with the value down 19% at just under $5bn compared with over $6bn in the first half of 2022.
US cattle supplies have been reduced in 2023, which has meant less beef available to trade and high cattle prices also means it is more expensive than it was a year ago.
Alongside this is the fact that Australian volumes of beef for global trade has increased, as the herd rebuild is complete, meaning more competition in international markets.
A further twist is that all of the Asian markets - with the exception of China - have reduced beef import volumes in the first half of 2023.
Markets
Asia is the largest volume and value market for US beef exports. In the first half of 2023, South Korea imported 133,735t of US beef, which was down 11% from 150,493t for the same period last year.
Japan fell to the second-highest buyer of US beef exports, down 17% from 155,513t in the fist half of 2022 to 129,044t this year.
China and Hong Kong are the third-largest US beef export market, after rapid growth since the ending of the trade war in 2021, but the volume dropped 12% to a still very healthy 119,810t.
Despite the overall drop in US beef exports, there were growing markets as well. The most notable increase in exports was to Mexico, where the volume increased by 14% to 100,171t for the first half of the year.
Also, the EU and the UK continue to show steady growth, though from a very low base. Volumes increased by 8% in the first half of the year to 10,890t.
Pigmeat
US pigmeat exports for the first half of 2022 increased in volume by 14% to just under 1.5m tonnes, with a 12% increase in value to just over $4bn.
Mexico is a huge market for US pigmeat exports and it increased again in the first half of the year, up 14% to 532,934t compared with 469,295t in the same period last year.
With less pigmeat produced in the EU, the US stepped into the void in exports to China, increasing volumes by a huge 24% in the first half of the year to 275,358t.
Volumes to South Korea were also up 10% to 101,969t, while Japan was the exception in that exports to that market fell slightly to 187,269t, a 1% drop.
There were also notable increases to smaller markets for US pigmeat exports. Volumes to the Dominican Republic increased by 29% to 55,934t, while sales to Australia were up a huge 70% to 33,179t.
Comment
US beef exports are doubly squeezed in that they have restricted availability, but this isn’t necessarily a bad thing because their main Aisan market is weak at present and there is also additional supplies from Australia.
For pigmeat, it is the opposite - there is plentiful supply and export opportunity due to a drop in EU production and exports.
Read more
Australians ramp up beef and lamb output
US beef exports fall again in May
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