Momentum Continues for U.S. Beef Exports; Record Value to Mexico Fuels Strong Month for Pork

SLIDES OF JULY 2024 EXPORT HIGHLIGHTS

Exports of U.S. beef continued to build momentum in July, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Pork exports were also well above year-ago levels in July, led by a value record for shipments to Mexico.

July beef exports totaled 110,419 metric tons (mt), up 7% from a year ago and the second largest of 2024. Export value climbed 12% to $910.9 million, also the second highest this year. For January through July, beef export value increased 6% from a year ago to $6.13 billion, despite a 2% decline in volume (754,152 mt).

“It is very gratifying to see demand for U.S. beef trending upward in Asian markets, with Japan and Taiwan leading the way and an outstanding showing in the ASEAN region,” said USMEF President and CEO Dan Halstrom. “U.S. beef has weathered severe headwinds in Asia and especially in Japan, but the outlook for the remainder of the year is encouraging. July was also another impressive month for Mexico, which continues to display excellent demand for an expanding range of U.S. beef cuts and variety meats.”

Pork exports reached 241,210 mt in July, up 10% from a year ago. Export value jumped 13% to $710.5 million, fueled in part by a record $244.5 million for leading market Mexico. Through the first seven months of 2024, pork exports were 4% above last year at 1.76 million mt. Export value was just under $5 billion – up 6% from a year ago, when pork exports set an annual value record of $8.16 billion.

“Mexico was definitely the pacesetter for U.S. pork again in July, but demand was also outstanding in Central America, Colombia and the Caribbean,” Halstrom said. “Pork exports to Korea also continued to perform well in what is shaping up to be a record year.”

While the yen has strengthened in recent weeks versus the U.S. dollar it still weighed on July exports, trading in the 160 range in the first half of the month. Japan’s real consumer incomes increased in June and July, following 27 months of declining wages in inflation-adjusted terms.  

Mexico’s demand for U.S. beef continues to expand despite the recent devaluation of the peso. July beef exports to Mexico were the largest this year at 21,081 mt, up 19% from a year ago. Export value climbed 17% to $122.5 million – the highest in nearly four years. For January through July, exports to Mexico were 14% above last year in volume (134,554 mt) and 19% higher in value ($785.3 million). This includes more than 71,000 mt of beef variety meat, up 15% from a year ago, valued at $192.7 million (up 10%). Mexico is the largest volume destination for U.S. beef variety meat and second to Japan in value.

After a slow start in 2024, beef exports to Taiwan have accelerated in recent months. July shipments totaled 6,142 mt, up 16% from a year ago, while export value soared 33% to $69.5 million. While January-July volume to Taiwan still trailed last year (36,852, down 6%), export value increased 7% to $404.2 million.

Other January-July export results for U.S. beef include:

• Led by larger shipments to the Philippines, Indonesia and Vietnam, July beef exports to the ASEAN region reached 4,466 mt, up 70% from last year’s low volume, while export value more than doubled to $37.3 million (up 125%). Although January-July exports to the region remained below last year’s pace (23,089 mt, down 3%), export value climbed 36% to $193.3 million.

• July beef shipments to leading value market South Korea totaled 17,599 mt, up slightly from a year ago, while export value increased 9% to $169.3 million. Through July, exports to Korea were up 2% in value from a year ago at $1.27 billion despite an 11% decline in volume (133,937 mt).

• Fueled by strong variety meat demand in Egypt and larger muscle cut shipments to the United Arab Emirates, Kuwait and Qatar, July beef exports to the Middle East totaled 4,253 mt, up 13% from a year ago, while export value increased 2% to $19.6 million. Through the first seven months of 2024, beef exports to the region have rebounded impressively, increasing 28% year-over-year in both volume (32,448 mt) and value ($146.6 million).

• Although beef exports to Central America declined slightly in July (1,408 mt, down 1% from a year ago), export value increased 7% to $10.3 million. January-July exports to the region increased 6% from a year ago to 12,209 mt, valued at $88.6 million (up 12%), with shipments on a record pace to leading market Guatemala and to Panama.

• July beef exports to China/Hong Kong achieved a year-over-year increase in value ($162 million, up 5%), despite falling 3% in volume to 17,470 mt. Through July, exports to the region declined 11% from a year ago to 122,251 mt, while value fell 5% to $1.14 billion.

• Restrictions related to H5N1 findings in U.S. dairy cows continue to weigh heavily on beef exports to Colombia, which totaled just 88 mt in July. Shipments to Colombia posted a strong first quarter but have declined sharply since exports from affected states were suspended, which began in April. Through July, beef exports to Colombia fell 32% from a year ago to 2,312 mt, valued at $14.2 million (down 21%). Canada’s beef exports to Colombia have surged, reaching 1,041 mt through July, valued at $3.4 million – up from minimal levels in 2023.

• Beef export value equated to $418.43 per head of fed slaughter in July, up 4% from a year ago. The January-July average was $418.38 per head, up 6% from the first seven months of 2023. Exports accounted for 14% of total July beef production and 11.6% for muscle cuts only, each down slightly from a year ago. The January-July ratios were 14.1% of total production (down from 14.4% a year ago) and 11.8% for muscle cuts (down from 12.1%).

Pork exports to Colombia are also on a record pace, with July shipments climbing 11% from a year ago to 8,570 mt, valued at $24.8 million (up 16%). Through July, exports to Colombia increased 29% in volume (65,497 mt) and 40% in value ($182.3 million). This performance comes despite persistent technical obstacles for meat shipments to Colombia, which were recently addressed in seminars held in Bogota and Cartagena. More details on these outreach efforts are available here.

Led by an exceptionally strong year-over-year increase in Honduras, July pork exports to Central America climbed 18% to 10,790 mt, valued at $34.9 million (up 28%). With shipments trending higher to every market in the region and on a record pace to Honduras, Guatemala, Costa Rica, El Salvador and Nicaragua, January-July exports to Central America increased 20% from a year ago to 85,322 mt, while value soared 31% to $266 million.

Other January-July results for U.S. pork exports include:

• A rebound in the Dominican Republic and newfound demand in Cuba pushed July pork exports to the Caribbean to 9,247 mt, up 47% from a year ago, while value climbed 51% to $29.5 million. January-July exports to the DR remained below last year’s record pace but still topped 56,000 mt. In addition to significant growth in Cuba (4,524 mt, up nearly 500%), January-July exports also increased to Trinidad and Tobago, Leeward-Windward Islands, Netherlands Antilles, Cayman Islands, and Turks and Caicos Islands.

• July pork exports to South Korea totaled 13,674 mt, up 16% from a year ago but the lowest volume of 2024. Export value reached $49.3 million, up 30%. Pork shipments to Korea are poised to set annual records in 2024, with January-July exports reaching 149,093 mt, up 31% from a year ago, while value climbed 37% to $508.9 million.

• Pork exports to Japan were also the lowest of the year in July but still above year-ago levels. July shipments totaled 26,571 mt, up 5%, while export value increased 2% to $109.3 million. Through July, exports to Japan remained slightly below last year’s pace in both volume (208,121 mt, down 2%) and value ($846.3 million, down 1%).

• July pork exports to Australia totaled 6,887 mt, up 3% from a year ago, while value climbed impressively – up 19% to $26.6 million. Through July, exports to Australia – which are limited to processed products and raw material for further processing – increased 36% to 54,374 mt, valued at $194.1 million (up 41%). Although July shipments to New Zealand were below last year, January-July exports still increased 47% to 7,761 mt, valued at $29.1 million (up 33%).

• Exports to the ASEAN region were close to year-ago levels in July and export volume through July was up 8% to 47,119 mt. Export value fell 1% to $102 million. Volume growth is in variety meat exports to the Philippines and muscle cuts to Malaysia and Vietnam.

• While pork exports to China/Hong Kong are running well below last year’s pace, the region remains the leading export destination for U.S. pork variety meat. Through July, variety meat shipments totaled 187,954 mt, down 6% from a year ago, while value fell 16% to $444.4 million.

• U.S. pork exports to Taiwan remain limited, even as Taiwan’s hog price approaches record levels and availability of European pork remains constrained. Taiwan’s local inspectors are increasingly harassing importers of U.S. pork and despite customers’ desire to utilize U.S. pork, these risks continue to suppress trade. January-July exports totaled 5,693 mt, down 55% from a year ago, though still above the pace of 2021 and 2022. Export value was $17.1 million, down 59% year-over-year.

• Pork export value equated to $66.52 per head slaughtered in July, up 2% from a year ago. The January-July average was $66.54 per head, up 4% from the first seven months of 2023. Exports accounted for 29.7% of total July pork production, down slightly from the large year-ago ratio, and 25.9% for muscle cuts only (up slightly). For January through July, exports accounted for 30.4% of total production and 26.2% for muscle cuts, each up about one-half percentage point from a year ago.

July lamb exports increase in value despite lower volume

July exports of U.S. lamb totaled 173 mt, down 12% from a year ago, but still achieved a 13% increase in value to $1.05 million. July value growth was led by the Bahamas, Netherlands Antilles and Mexico. For January through July, exports climbed 9% in volume (1,658 mt) and 18% in value ($9.1 million), with shipments trending higher to the Caribbean, Mexico, the Philippines and Canada.

Complete January-July export results for U.S. pork, beef and lamb are available from USMEF's statistics web page.

For questions, please contact Joe Schuele or call 303-547-0030.

NOTES:

• Export statistics refer to both muscle cuts and variety meat, unless otherwise noted.

• One metric ton (mt) = 2,204.622 pounds.

• U.S. pork and beef currently face retaliatory duties in China. In February 2020, China announced a duty exclusion process that allows importers to apply for relief from duties imposed in response to U.S. Section 301 duties. When an application is successful, the rate for U.S. beef can decline to the MFN rate of 12% and the rate for U.S. pork can decline to 37% (the MFN rate plus the 25% Section 232 retaliatory duty, which remains in place).