Beef Highlights:

July 2024::

Beef: 85,191 mt, +7%; $814 million, +13% and the second highest this year
BVM: 25,228 mt, +7% and the second highest this year; $97 million, +4.5%
Beef + BVM: 110,419 mt, +7% and the second highest this year; $911 million, +12% and the second highest this year

January – July 2024:

Beef: 587,217 mt, -3%; $5.475 billion, +6%
BVM: 166,935 mt, steady; $659 million, +2%
Beef + BVM: 754,152 mt, -2%; $6.134 billion, +6%

July beef muscle cut exports totaled 85,191 mt, up 7% or +5,605 mt from last year. Compared to last year, beef muscle cut exports were higher to ASEAN (+2,390 mt), Japan (+2,260 mt), Taiwan (+930 mt), Mexico (+840 mt), Korea (+370 mt), Middle East (+120 mt), Central America (+100 mt), Caribbean + DR (+80 mt), and China/HK (+40 mt), while exports were lower to Canada (-660 mt), EU27 + UK (-510 mt), and South America (-350 mt). Exports to Mexico (9,400 mt, +10%) were the highest since February and exports to Canada (8,690 mt, -7%) were below year-ago levels, but the second highest level this year. Exports to Japan (18,400 mt, +14%) were the highest level since March 2023 and were higher year-over-year for the fourth consecutive month after 13 months of below year-ago levels. Exports to Korea (16,600 mt, +2%) were above year-ago levels, but were the lowest level since September 2023. Exports to Taiwan (6,140 mt, +18%) were higher year-over-year and the second highest level this year. Combined exports to China/HK totaled 15,520 mt, steady with last July, with exports to China (13,210 mt, +2.5%) above year-ago levels, while exports to Hong Kong (2,310 mt, -11%) were below year-ago levels. Exports to the ASEAN (4,080 mt, +141%) were higher year-over-year and the second highest level this year, with exports to Thailand (210 mt, +304%) the highest level since February 2022 and the third highest level on record, exports to Indonesia (1,660 mt, +166%) the highest level since May 2022 and the eighth highest level on record, exports to Singapore (440 mt, +9%) the second highest level this year, and exports also higher year-over-year to the Philippines (1,250 mt, +173%) and Vietnam (430 mt, +467%). Exports to the Turks and Caicos Islands (140 mt, +100%) were the highest on record, exports to Cuba (150 mt, up from 10 mt) were the eighth highest level on record, and exports were also higher year-over-year to the Bahamas (280 mt, +22%) and Bermuda (70 mt, +7%), while exports were steady to the Cayman Islands (50 mt) and exports were below year-ago levels to the Netherlands Antilles (250 mt, -5%), but the highest level since February, the Dominican Republic (640 mt, -7%) and Trinidad and Tobago (80 mt, -4%), which were both the second lowest level this year, the Leeward-Windward Islands (90 mt, -22%), the lowest level since September 2023, and Jamaica (60 mt, -18%), the lowest level since September 2021. Overall, exports to the Caribbean + DR (1,840 mt, +4.5%) were higher year-over-year for the tenth consecutive month, but were the lowest level this year. Exports to El Salvador (140 mt, +73%) were the highest level this year, exports to Honduras (130 mt, +28%) were higher year-over-year, exports to Costa Rica (170 mt, +21%) and Panama (160 mt, +3%) were also above year-ago levels, but the lowest level this year, and exports to Guatemala (590 mt, -4%) were lower year-over-year, resulting in exports to Central America (1,200 mt, +9%) above year-ago levels, but the lowest level since last July. Exports to South America (510 mt, -41%) were lower year-over-year and the second lowest level this year, with exports below year-ago levels to Peru (70 mt, -44% and the lowest level since August 2023) and Colombia (60 mt, -84% and the lowest level since May 2020), while exports to Chile (310 mt, +3%) were higher year-over-year and the highest level this year. Exports to the Middle East (1,220 mt, +11%) were above year-ago levels for the eighth consecutive month, but the second lowest level this year. Exports to the EU27 + UK (1,450 mt, -26%) were below year-ago levels for the seventh consecutive month.

July beef variety meat exports totaled 25,228 mt, up 7% or +1,647 mt from last year. Exports were higher than last year to Mexico (+2,580 mt), Canada (+550 mt), Japan (+430 mt), Middle East (+360 mt), and Caribbean + DR (+200 mt), while exports were lower to Africa (-640 mt), China/HK (-640 mt), ASEAN (-540 mt), South America (-370 mt), Central America (-110 mt), and Korea (-90 mt). Exports to Mexico (11,690 mt, +28%) were the highest level since December 2016 and exports to Canada (1,170 mt, +90%) were the highest level since November 2016. Exports to Japan (3,630 mt, +13%) were above year-ago levels, but the second lowest level this year, while exports to Korea (1,000 mt, -8%) were below year-ago levels for the fifth consecutive month. Combined exports to China/HK totaled 1,950 mt, down 25% from last July, with exports to both China (1,360 mt, -24%) and Hong Kong (590 mt, -26%) below year-ago levels. Exports to the ASEAN (390 mt, -58%) were below year-ago levels with exports lower year-over-year to Indonesia (330 mt, -62%), but the second highest level this year, and the Philippines (30 mt, -52%), while exports to Vietnam (30 mt, +500%) were higher year-over-year. Exports to South America (910 mt, -29%) were lower year-over-year with exports to Peru (600 mt, -37%) below year-ago levels, but the second highest level this year, while exports to Chile (230 mt, +57%) were above year-ago levels. Exports to Central America (210 mt, -34%) were lower year-over-year and the second lowest level this year. Exports to Jamaica (180 mt, +164%), Trinidad and Tobago (90 mt, +172%), and the Dominican Republic (80 mt, +34%) were above year-ago levels resulting in exports to the Caribbean + DR (470 mt, +74%) higher year-over-year. Exports to South Africa (690 mt, +18%) were above year-ago levels and were the highest level since June 2023, while exports to Gabon (100 mt, -52%) were lower year-over- year and the second lowest level this year, resulting in exports to Africa (790 mt, -45%) below year-ago levels and the second lowest level this year. Exports to the Middle East (3,030 mt, +13%) were above year-ago levels for the seventh consecutive month, but were the second lowest level this year.

January – July beef muscle cut + variety meat exports totaled 754,152 mt, down 2% or -18,191 mt from last year. Exports were higher to Mexico (+16,720 mt), Middle East (+7,200 mt), Caribbean + DR (+4,100 mt), Central America (+720 mt), and Japan (+660 mt). Exports were lower to Korea (-17,160 mt), China/HK (-15,620 mt), Africa (-7,440 mt), EU27 + UK (-2,740 mt), Taiwan (-2,190 mt), South America (-1,050 mt), ASEAN (-660 mt), and Canada (-640 mt).

July 2024 beef exports accounted for 11.6% of production and 14.0% when adding variety meats, compared to 11.8% and 14.2% in July 2023. January – July 2024 beef exports accounted for 11.8% of production and 14.1% when adding variety meats, compared to 12.1% and 14.4% for January – July 2023.  

July 2024 beef export value per head of fed slaughter averaged $418.43/head, up 4% or +$14.46/head from $403.97/head in July 2023. January – July 2024 beef export value per head of fed slaughter averaged $418.38/head, up 6% or +$22.69/head from $395.69/head for January – July 2023. 

Source: USMEF