U.S. Red Meat Export Update for First Half of 2016

With the results of U.S. beef and pork exports for the first six months of the year, here is U.S. Meat Export Federation's Joe Schule

Schule: "June was a solid month for red meat exports as both pork and beef reached their highest value levels of the year $505.4 million for pork and $545.4 million for beef. On the pork side exports remain very strong to China and Hong Kong in June but volume was the lowest since February reflecting some cooling of the market. Exports to China/Hong Kong provided a big boost for the U.S. pork industry in the first half of this year but continued success in the second half will likely depend on improvement in other key markets. On the beef side, June exports to Japan were the largest in nearly two years, up almost 30 percent from a year ago. First half exports were up 12 percent in volume and 5 percent in value exceeding $700 million. Japan import data shows a strong rebound in market share for U.S. beef climbing from 33 percent last year to 38.5 percent in the first half of 2016. Meanwhile Australia's market share dipped from 57 percent to 52 percent. U.S. beef also continues to gain market share in South Korea. Korea's imports of U.S. chilled beef were up 45 percent in the first half of the year as U.S. beef rapidly expands its presence in Korea's supermarkets and other retail outlets."