Key Asian markets push US beef exports higher in November - USMEF
Export value increased 29% to $207.7 million
21 January 2025
2 minute read
By: US beef exports to leading value market South Korea reached 21,499 mt in November, up 20% year-over-year and the largest since March, according to data released by USDA and compiled by the US Meat Export Federation (USMEF).
Export value increased 29% to $207.7 million, also the highest since March. For January through November, exports to Korea achieved a 5% increase in value ($2.01 billion) despite a 7% decline in volume (210,282 mt).
While this was the third consecutive month of renewed momentum for US beef in the Korean market, the outlook for December is cloudy as Korea has been mired in political turmoil and the won recently weakened to its lowest level in 15 years versus the US dollar.
Following a September-October slowdown, beef exports to Taiwan rebounded in November to 5,089 mt, up 40% from a year ago, while export value climbed 43% to $58.6 million. Through the first 11 months of 2024, shipments to Taiwan were steady with the previous year’s pace at 56,352 mt, while value climbed 9% to $632.4 million.
Mexico’s demand for US beef remained robust in November, with exports increasing 6% from a year ago to 18,914 mt, while value was up 4% to $107.4 million. January-November exports to Mexico reached 211,920 mt, up 12% year-over-year, while value jumped 14% to $1.23 billion. Both already exceed the full-year totals from 2023 and export value is the highest since 2009.
