U.S. Beef Exports Remain on Red-Hot Pace Topping $1 billion for the Fifth Time This Year

U.S. Beef Exports Remain on Red-Hot Pace Topping $1 billion for the Fifth Time This Year

Russell Nemetz
Russell Nemetz
U.S. beef exports remained on a red-hot pace in June, topping $1 billion for the fifth time this year (after twice reaching $1 billion in 2021), according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Exports of U.S. pork remained below last year’s large totals in June, while lamb exports continued to trend higher.

June beef exports totaled 130,638 metric tons (mt), down slightly from the record volume posted in May but up 16% year-over-year and the fourth largest on record. Export value was $1.05 billion in June, also down slightly from the May record but 31% above last year. For the first half of 2022, beef exports increased 6% from a year ago to 743,904 mt, valued at $6.19 billion (up 33%).

While beef export growth has been largely driven by major Asian markets such as South Korea, China/Hong Kong, Japan and Taiwan, exports are also trending higher to the ASEAN region, the Caribbean, Central America, Europe and the Middle East.

"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."

A detailed summary of January-June red meat export results, including market-specific highlights, is available from the USMEF website.

Source: USMEF

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