Beef Exports to East Asia on Record Pace and Retail Food Prices Up in 2022

Beef Exports to East Asia on Record Pace and Retail Food Prices Up in 2022

Bob Larson
Bob Larson
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.

**U.S. beef exports to East Asia in 2022 are again on record pace after a record year in 2021.

Despite economic uncertainties due to COVID, global supply chain challenges, and a competitive global beef market, U.S. beef exports to East Asia, both in value and volume, were outstanding in the first half of 2022.

East Asia’s relatively robust middle class has supported the demand for high-quality beef.

**A new USDA report shows retail food prices increased 8.9% in the first seven months of 2022, higher than the same period in 2021 and 2020.

All 13 food categories in the report experienced faster price increases so far in 2022, compared with the same period last year and historical average price increases through July.

All food categories saw price increases of at least 4% during the first seven months of 2022.

**The total value of U.S. exports has grown at an average annual rate of 6% since 2002, reaching a record of $1.4 trillion in 2021.

The value of America’s agricultural exports rose by an average of 11% annually, exceeding the overall rate for total U.S. exports.

In 2021, ag exports accounted for 12% of the total value, up from 9% in 2002.

Ag exports surged 23% to $172 billion in 2021 and is forecast at a record $196 billion for 2022.

Previous ReportAFBF Dairy Reform Priorities and Taylor Confirmed as USDA Negotiator
Next ReportChina's Self-Reliance in Ag Technology and AFBF Convention in Puerto Rico