Beef Highlights:

August 2024:

Beef: 78,781 mt, -8% and the second lowest this year; $755 million, -4%
BVM: 23,901 mt, +3%; $91 million, -8.5%
Beef + BVM: 102,682 mt, -6% and the second lowest this year; $846 million, -4%

January – August 2024:

Beef: 665,998 mt, -4%; $6.230 billion, +5%
BVM: 190,836 mt, steady; $750 million, +1%
Beef + BVM: 856,834 mt, -3%; $6.980 billion, +4%

August beef muscle cut exports totaled 78,781, down 8% or -7,083 mt from last year. Compared to last year, beef muscle cut exports were higher to ASEAN (+800 mt), Taiwan (+270 mt), Middle East (+150 mt), and Caribbean + DR (+130 mt), while exports were lower to China/HK (-2,420 mt), Korea (-2,010 mt), Canada (-1,260 mt), Mexico (-770 mt), EU27 + UK (-550 mt), Japan (-520 mt), South America (-440 mt), and Central America (-350 mt). Exports to Mexico (8,510 mt, -8%) were below year-ago levels for the second time this year and were the third lowest level this year and exports to Canada (7,130 mt, -15%) were also the third lowest level this year. Exports to Japan (16,900 mt, -3%) were the second lowest level this year and exports to Korea (16,310 mt, -11%) were the lowest level since July 2023. Exports to Taiwan (5,820 mt, +5%) were higher year-over-year. Combined exports to China/HK totaled 14,810 mt, down 14% from last August and the third lowest level this year, with exports to China (12,600 mt, -14%) and Hong Kong (2,210 mt, -13%) lower year-over-year. Exports to the ASEAN (2,980 mt, +37%) were above year-ago levels for the fourth consecutive month following 13 months of below year-ago levels, with exports to Singapore (460 mt, +27%) the second highest level this year, and exports also higher year-over-year to the Philippines (1,110 mt, +166%, but the second lowest level this year), Indonesia (1,000 mt, +1%), and Thailand (110 mt, +13%), while exports were steady to Vietnam (230 mt). Exports to Turks and Caicos Islands (130 mt, +191%) were the second highest level on record, exports to the Cayman Islands (90 mt, +34%) were the highest level this year, exports to Trinidad and Tobago (160 mt, +50%) were the second highest level this year, exports to the Netherlands Antilles (250 mt, +3%) were the third highest level this year, and exports were also above year-ago levels to Cuba (170 mt, +13%), the Leeward-Windward Islands (110 mt, +16%), and Bermuda (60 mt, +13%), while exports were below year-ago levels to the Dominican Republic (770 mt, -5%), the Bahamas (260 mt, -25%), and Jamaica (130 mt, -31%). Overall, exports to the Caribbean + DR (2,170 mt, +6%) were higher year-over-year, but were the second lowest level this year. Exports to Panama (280 mt, +88%) were above year-ago levels for the fifth consecutive month and exports to Honduras (120 mt, +150%) were also above year-ago levels, but were the second lowest level this year, while exports to Guatemala (490 mt, -50%) were the lowest level since May 2023, exports to Costa Rica (160 mt, -26%) were the lowest level since July 2023, and exports were also lower year-over-year to El Salvador (80 mt, -6%), resulting in exports to Central America (1,140 mt, -23%) the lowest level since July 2023. Exports to South America (520 mt, -46%) were below year-ago levels and the third lowest level this year, with exports to Peru (110 mt, +77%) higher year-over-year and the third highest level this year, while exports were lower year-over-year to Chile (300 mt, -10%), but the third highest level this year, and exports were also below year-ago levels to Colombia (30 mt, -94%) and the lowest level since May 2020. Exports to the Middle East (950 mt, +19%) were above year-ago levels for the ninth consecutive month, but were the lowest level since September 2023. Exports to the EU27 + UK (1,390 mt, -29%) have been below year-ago levels all year and were the third lowest level this year in August.

August beef variety meat exports totaled 23,901 mt, up 3% or +765 mt from last year. Exports were higher than last year to Mexico (+1,140 mt), Middle East (+1,010 mt), China/HK (+560 mt), Canada (+510 mt), and Central America (+20 mt), while exports were lower to South America (-720 mt), Korea (-600 mt), ASEAN (-530 mt), Africa (-440 mt), Caribbean + DR (-120 mt), and Japan (-10 mt). Exports to Mexico (10,520 mt, +12%) and Canada (960 mt, +112%) were the third highest level this year. Exports to Japan (3,680 mt) were steady, but the third lowest level this year, and exports to Korea (820 mt, -42%) were below year-ago level for the sixth consecutive month and were the second lowest level this year. Combined exports to China/HK totaled 2,320 mt, up 32% from last August and the highest level since November 2023, with exports to China (1,680 mt, +31%) the second highest level this year and exports to Hong Kong (640 mt, +33%) the highest level since November 2023. Exports to the ASEAN (390 mt, -57%) were below year-ago levels, but were the third highest level this year, with exports to Vietnam (130 mt, +140%) the highest level since September 2023 and exports to the Philippines (140 mt, +88%) the second highest level this year, while exports to Indonesia (120 mt, -86%) were lower year-over-year. Exports to South America (570 mt, -56%) were the lowest level since December 2022 with exports to Peru (410 mt, -37%) and Chile (80 mt, -45%) the second lowest levels this year. Exports to Central America (310 mt, +6%) were the third highest level this year with exports to El Salvador (80 mt, +211%) the highest level since June 2023 and exports were also higher year-over-year to Guatemala (70 mt, +20%) and Honduras (60 mt, +67%). Exports to the Caribbean + DR (300 mt, -28%) were the lowest level since July 2023. Exports to South Africa (460 mt, -18%) and Gabon (160 mt, -46%) were below year-ago levels, and exports to Cote d’Ivoire (240 mt, -24%) were also below year-ago levels, but the second highest level this year. Overall, exports to Africa (930 mt, -32%) were below year-ago levels and have been consecutively below year-ago level since November 2023. Exports to the Middle East (3,100 mt, +49%) were above year-ago levels for the eighth consecutive month.

January – August beef muscle cut + variety meat exports totaled 856,834 mt, down 3% or -24,509 mt from last year. Exports were higher to Mexico (+17,080 mt), Middle East (+8,360 mt), Caribbean + DR (+4,110 mt), Central America (+390 mt), and Japan (+140 mt). Exports were lower to Korea (-19,770 mt), China/HK (-17,480 mt), Africa (-7,900 mt), EU27 + UK (-3,310 mt), South America (-2,210 mt), Taiwan (-1,960 mt), Canada (-1,390 mt), and ASEAN (-380 mt).

August 2024 beef exports accounted for 10.7% of production and 13.0% when adding variety meats, compared to 11.3% and 13.4% in August 2023. 
January – August 2024 beef exports accounted for 11.6% of production and 13.9% when adding variety meats, compared to 12.0% and 14.3% for January – August 2023. 

August 2024 beef export value per head of fed slaughter averaged $391.19/head, down 1% or -$4.60/head from $395.79/head in August 2023.
January – August 2024 beef export value per head of fed slaughter averaged $414.88/head, up 5% or +$19.18/head from $395.71/head for January – August 2023.

Source: USMEF