Rebound in Asian markets boosts US beef trade - USMEF
Rebounds seen in China, Hong Kong and Korea
12 December 2024
1 minute read
By: Beef exports to China/Hong Kong totalled 20,493 mt in October, up 16% from a year ago and the largest since June 2023. Export value climbed 17% to $190.6 million, also the highest since June 2023, according to data released by USDA and compiled by the US Meat Export Federation (USMEF).
January-October exports to the region were 8% below last year in volume (177,542 mt) and 3% lower in value ($1.64 billion).
October beef exports to Korea, which is the leading value destination for US beef, were the largest since April at 19,638 mt, up 5% from a year ago, while value climbed 10% to $191.7 million – the highest since March. For January through October, exports to Korea were still 9% below last year’s pace at 188,783 mt, but increased 3% in value to $1.8 billion.
US beef continued to post impressive gains in Mexico in October, with exports up 7% from a year ago to 19,723 mt. Export value increased 5% to $108.4 million. These results pushed January-October shipments to Mexico 13% above last year at 193,006 mt, while value climbed 15% to $1.12 billion. While exports benefited from a very strong peso in the first half of 2024, demand has held up well in recent months even with the peso weakening versus the US dollar, losing 20% of its value since late May.
