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Beef exports up 9% year-over-year
Japan is a leading volume and value market for U.S. beef.
April 7, 2017
3 Min Read
Kondor83/Thinkstock
Beef exports totaled 90,417 mt in February, up 9% year-over-year, with value up 16% to $508.5 million, according to statistics released by USDA and compiled by USMEF. Through February, beef exports were up 13% in volume (186,905 mt) and 17% in value ($1.02 billion).
February exports accounted for 12.6% of total beef production and 10.1% for muscle cuts only, which was steady with last year. January-February ratios were also fairly steady at 12.4% and 9.8%, respectively. Export value per head of fed slaughter averaged $276.96 in February, up 13% from a year ago, while the January-February average was up 10% to $266.34 per head.
“With trade deficits being a hot topic of conversation, especially with countries such as Mexico, China and Japan, it’s important to highlight the sectors in which U.S. products are competitive throughout the world and exports are thriving,” said USMEF President and CEO Philip Seng. “The red meat sector is certainly in that category, as exports have helped fuel growth in the U.S. industry and, in turn, larger U.S. production has opened further export opportunities and generated positive returns for the entire supply chain.”
Chilled beef to Japan, Korea and Taiwan continues to drive export growth
Japan continued to solidify its position as the leading volume and value market for U.S. beef, with February exports climbing 48% from a year ago in volume (23,789 mt) and 55% in value ($134.3 million). Through February, exports to Japan were up 41% in volume (46,276 mt) and 44 percent in value ($259.6 million). This included a 60% increase in chilled beef volume to 19,404 mt. Japanese import data showed that U.S. beef overtook Australian beef in the first two months of the year, with U.S. market share climbing to 45.6% while Australia’s dropped to 44%.
Strong momentum continued for U.S. beef in Korea, where February exports increased 11% to 13,093 mt valued at $86 million (up 26%). This pushed the two-month totals up 23% in volume (28,287 mt) and 31% in value ($177.6 million). Chilled exports through February were up 95% to 5,384 mt.
In Taiwan, February exports jumped 33% from a year ago to 2,886 mt, while value increased 26% to $25.3 million. Through February, exports were up 28% in volume (6,477 mt) and 25% in value ($55.1 million). U.S. beef holds 70% of the chilled beef market in Taiwan, the highest of any Asian market. Through February, chilled exports to Taiwan increased 12% to 2,479 mt.
Other highlights for U.S. beef included:
Exports within North America are off to a solid start in 2017, with January-February exports to Mexico increasing 14% from a year ago in volume (36,235 mt) and 3% in value ($147.4 million). Exports to Canada are showing signs of a rebound, with volume up 11% to 19,446 mt and value up 18% to $123.5 million.
Beef exports to two key South American markets increased significantly in value through February, with exports to Chile up 22% year-over-year to $8.9 million and exports to Peru up 68% to $4.3 million. The increase in Chile was achieved despite a 16% decline in volume (1,417 mt) while volume to Peru was up 16% to 1,130 mt.
A rebound in the Philippines and continued growth in Vietnam pushed January-February beef exports to the ASEAN region up 33% in volume (4,774 mt) and 19% in value ($27.3 million). Exports to Indonesia, which set a value record of $39.4 million last year, are off to a slow start in 2017 with value through February down 48% to $3.5 million.
Strong growth to most Asian markets helped offset a slowdown to Hong Kong, where January-February volume was down 21% to 16,131 mt, valued at $104.7 million (down 12%).
Source: U.S. Meat Export Federation
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