Beef Highlights:

February 2024:
Beef: 80,640 mt, -3%; $742 million, +10%
BVM: 23,243 mt, +5%; $88 million, +4%
Beef + BVM: 103,883 mt, -1%; $830 million, +10%

January – February 2024:
Beef: 157,266 million mt, -4%; $1.417 billion, +9%
BVM: 46,381 mt, +8%; $177 million, +10%
Beef + BVM: 203,647 mt, -1%; $1.594 billion, +9%

February beef muscle cut exports totaled 80,640 mt, down 3% or -2,235 mt from last year. Compared to last year, beef muscle cut exports were higher to Mexico (+1,930 mt), Taiwan (+660 mt), Middle East (+640 mt), Caribbean + DR (+520 mt), Central America (+300 mt), South America (+180 mt), and Canada (+10 mt), while exports were lower to Japan (-3,100 mt), Korea (-1,450 mt), ASEAN (-1,080 mt), EU27 + UK (-470 mt), and China/HK (-430 mt). Exports to Mexico (9,700 mt, +25%) were higher year-over-year and exports to Canada (6,190 mt) were slightly above year-ago levels (+0.2%), but the lowest level since last February. Exports to Korea (17,060 mt, -8%) and Japan (16,570 mt, -16%) were both lower year-over-year, while exports to Taiwan (5,070 mt, +15%) were above year-ago levels and the highest level since June. Combined exports to China/HK totaled 16,290 mt, down 3% from February 2023, but were the highest level since September. Exports to China (13,830 mt, -4%) were below year-ago levels, while exports to Hong Kong (2,460 mt, +9%) were higher year-over-year. Exports to the ASEAN (1,780 mt, -38%) were below year-ago levels with exports to the Philippines (850 mt, -19%), Vietnam (170 mt, -22%), and Indonesia (110 mt, -91%) lower year-over-year, while exports to Thailand (170 mt, +76%) were above year-ago levels and the highest level since March and exports were also higher year-over-year to Singapore (360 mt, +37%) and Cambodia (100 mt, +8%). Exports to the Caribbean + DR (2,440 mt, +27%) were the second highest level on record, driven by exports to the Dominican Republic (960 mt, +49%), which were the third highest level on record, record high exports to Cuba (370 mt, up from 10 mt), and exports to the Netherlands Antilles (300 mt, +17%), which were the highest level since November 2019 and the second highest level on record, as well as higher year-over-year exports to the Leeward-Windward Islands (130 mt, +2%) and the Cayman Islands (80 mt, +76%), while exports were lower year-over-year to the Bahamas (230 mt, -22%), Jamaica (110 mt, -53%), Barbados (80 mt, -9%), and Trinidad and Tobago (70 mt, -20%). Exports to Guatemala (930 mt, +19%) were the third highest level on record, exports to Honduras (220 mt, +104%) were the highest level since June, and exports were above year-ago levels to Costa Rica (270 mt, +37%) and Panama (220 mt, +33%). Overall, exports to Central America (1,670 mt, +22%) were higher year-over-year. Exports to South America (1,030 mt, +21%) were above year-ago levels with exports to Colombia (610 mt, +95%) the highest level since December 2022, while exports to Chile (250 mt, -17%) and Peru (80 mt, -53%) were below year-ago levels. Exports to the Middle East (1,420 mt, +81%) were the highest level since October 2022. Exports to the EU27 + UK (1,190 mt, -28%) were lower year-over-year.

February beef variety meat exports totaled 23,243 mt, up 5% or +1,061 mt from last year. Exports were higher than last year to Mexico (+2,260 mt), South America (+560 mt), Middle East (+400 mt), Canada (+220 mt), Korea (+150 mt), Central America (+80 mt), and Caribbean + DR (+70 mt), while exports were lower to Africa (-1,170 mt), Japan (-640 mt), ASEAN (-500 mt), and China/HK (-350 mt). Exports to Mexico (10,060 mt, +29%) were above year-ago levels and were the third consecutive month of exports being above 10,000 mt. Exports to Canada (670 mt, +48%) were higher year-over-year. Exports to Japan (3,560 mt, -15%) were below year-ago levels, while exports to Korea (1,020 mt, +17%) were above year-ago levels. Combined exports to China/HK totaled 1,870 mt, with exports to China (1,390 mt, +23%) above year-ago levels, while exports to Hong Kong (480 mt, -55%) were lower year-over-year. Exports to the ASEAN (30 mt, -95%) were the lowest level since December 2014. Exports to South America (1,230 mt, +85%) were the highest level since August, with record high exports to Chile (610 mt, +193%) and higher year-over-year exports to Peru (430 mt, +155%), while exports were below year-ago levels to Colombia (150 mt, -44%). Exports to Central America (340 mt, +30%) were higher year-over-year and exports to the Caribbean + DR (520 mt, +15%) were also above year-ago levels and the highest level since October 2022. Exports to Gabon (400 mt, +385%), Cote d’Ivoire (140 mt, +66%), and Morocco (100 mt, up from 0 mt) were above year-ago levels, while exports to South Africa (340 mt, -83%) were lower year-over-year, resulting in exports to Africa (990 mt, -54%) below year-ago levels and the lowest level since November 2022. Exports to the Middle East (2,930 mt, +16%) were higher year-over-year.

January – February beef muscle cut + variety meat exports totaled 203,647 mt, down 1% or -2,352 mt from last year. Exports were higher to Mexico (+6,820 mt), Middle East (+3,010 mt), Caribbean + DR (+930 mt), South America (+690 mt), and Central America (+530 mt). Exports were lower to Japan (-5,050 mt), Africa (-2,520 mt), ASEAN (-2,020 mt), Korea (-1,420 mt), China/HK (-1,260 mt), EU27 + UK (-940 mt), Taiwan (-700 mt), and Canada (-420 mt).

February 2024 beef exports accounted for 11.6% of production and 14.0% when adding variety meats, compared to 12.4% and 14.6% in February 2023. January – February 2024 beef exports accounted for 11.1% of production and 13.3% when adding variety meats, compared to 11.6% and 13.6% for January – February 2023. 

February 2024 beef export value per head of fed slaughter averaged $412.79/head, up 5% or +$21.03/head from $391.76/head in February 2023. January – February 2024 beef export value per head of fed slaughter averaged $385.78/head, up 7% or +$25.56/head from $360.23/head for January – February 2023.

Source: USMEF