Beef Trade Trends Reflect Shifting Markets

If you’re cheering for beef exports over beef imports, the latest round of data is not going to have you saying rah-rah-team.

In a recent report from Derrell Peel, Livestock Marketing Specialist at Oklahoma State University Extension, he highlighted key trends in U.S. beef trade for October 2024. In short, beef exports were nearly steady, down just 0.3% year-over-year, while imports surged 35.2%. Year-to-date, exports fell 2.6%, but imports rose 22.5%.

Who is getting our beef?

Japan reclaimed the top export market position, holding 21.8% of U.S. exports. South Korea dropped to second, down 8.8% year-over-year. China/Hong Kong ranks third with an 18.7% share, despite a 7.8% decline.

Whose beef are we getting?

Australia emerged as the leading U.S. beef import source, with shipments up 69.4%. Canada follows closely, with imports up 1.3%. Brazil saw a significant 52% increase, while New Zealand rose 6.3%.

For more, visit the December 9 edition of the OSU Cow-Calf Corner newsletter: https://extension.okstate.edu/programs/beef-extension/cow-calf-corner-the-newsletter-archives/