Beef Highlights:

March 2024:
Beef: 85,180 mt, -10%, but the highest since August; $797 million, +0.3% and the highest since June
BVM: 23,038 mt, -10%; $93 million, -5.5%
Beef + BVM: 108,218 mt, -10%; $890 million, -0.3%, but the highest since June

January – March 2024:
Beef: 242,446 million mt, -6%; $2.214 billion, +6%
BVM: 69,419 mt, +1%; $270 million, +4%
Beef + BVM: 311,865 mt, -4.5%; $2.484 billion, +6%

March beef muscle cut exports totaled 85,180 mt, down 10% or -9,648 mt from last year. Compared to last year, beef muscle cut exports were higher to Middle East (+440 mt), Canada (+130 mt), and Caribbean + DR (+110 mt), while exports were lower to Korea (-2,970 mt), Taiwan (-1,900 mt), China/HK (-1,660 mt), Japan (-1,280 mt), ASEAN (-1,280 mt), Mexico (-550 mt), South America (-260 mt), Central America (-250 mt), and EU27 + UK (-130 mt). Exports to Canada (7,310 mt, +2%) were higher year-over-year, while exports to Mexico (8,090 mt, -6%) were below year-ago levels and were the lowest level since June. Exports to Korea (21,270 mt, -12%) were lower year-over-year and exports to Japan (17,630 mt, -7%) were also lower year-over-year, but were the highest level since last March. Exports to Taiwan (3,800 mt, -33%) were below year-ago levels. Combined exports to China/HK totaled 16,380 mt, down 9% from March 2023, but were the highest level since September. Exports to China (14,280 mt, -8%) were lower year-over-year, but the highest level since August, and exports to Hong Kong (2,100 mt, -14%) were also lower year-over-year and were the lowest level since January 2023. Exports to the ASEAN (2,670 mt, -32%) were the highest level so far this year, but were below year-ago levels, with exports lower year-over- year to the Philippines (1,270 mt, -7%), Indonesia (660 mt, -50%), Singapore (350 mt, -12%), Vietnam (310 mt, -47%), and Thailand (70 mt, -58%). Exports to the Caribbean + DR (2,700 mt, +4%) were record high, driven by exports to the Dominican Republic (1,020 mt, steady) which were the third highest level on record, record high exports to Cuba (390 mt, up from 10 mt), exports to Barbados (120 mt, +55%) which were the highest level since November 2010 and the eighth highest level on record, as well as higher year-over-year exports to Bermuda (90 mt, +11% and the highest level since July 2021), Turks and Caicos Islands (90 mt, +21%), and Cayman Islands (80 mt, +13%), while exports were lower year-over-year to the Bahamas (290 mt, -7%), Netherlands Antilles (240 mt, -14%), Jamaica (150 mt, -43%), Leeward-Windward Islands (130 mt, -19%), and Trinidad and Tobago (100 mt, -47%). Exports to Costa Rica (350 mt, +18%) were higher year-over-year, while exports to Guatemala (660 mt, -17%) were the lowest level since July and exports were also below year-ago levels to Panama (240 mt, -6%), Honduras (190 mt, -35%), and El Salvador (50 mt, -51%). Overall, exports to Central America (1,290 mt, -14%) were the lowest level since August. Exports to South America (710 mt, -27%) were below year-ago levels and the lowest level since May with exports to Colombia (280 mt, -24%) the lowest level since June, exports to Chile (190 mt, -32%) the lowest level since May, and exports to Peru (120 mt, -50%) also lower year-over-year. Exports to the Middle East (1,420 mt, +45%) were the highest level since October 2022, when excluding last month’s large total. Exports to the EU27 + UK (1,670 mt, -7%) were lower year-over-year, but were the highest level since August.

March beef variety meat exports totaled 23,038 mt, down 10% or -2,629 mt from last year. Exports were higher than last year to Middle East (+780 mt), Caribbean + DR (+370 mt), and Canada (+30 mt), while exports were lower to Africa (-1,080 mt), China/HK (-1,070 mt), Korea (-530 mt), Mexico (-280 mt), ASEAN (-260 mt), South America (-260 mt), Japan (-250 mt), and Central America (-60 mt). Exports to Mexico (8,540 mt, -3%) were below year-ago levels for the first time in 15 months and were the lowest level since September, while exports to Canada (880 mt, +4%) were above year-ago levels and the highest level since November 2022. Exports to Japan (3,780 mt, -6%) were lower year-over-year, but were the highest level so far this year, while exports to Korea (940 mt, -36%) were the lowest level since February 2023. Combined exports to China/HK totaled 2,090 mt and were below year-ago levels, but the highest level so far this year, with exports to both China (1,500 mt, -33%) and Hong Kong (590 mt, -37%) below year-ago levels. Exports to the ASEAN (250 mt, -50%) were lower year-over-year, but the highest level so far this year. Exports to South America (800 mt, -25%) were below year-ago levels with exports lower year-over-year to Peru (480 mt, -24%) and Chile (120 mt, -69%), while exports to Colombia (170 mt, +765%) were higher year-over-year. Exports to the Caribbean + DR (690 mt, +111%) were above year-ago levels and were the highest level since August 2021, while exports to Central America (260 mt, -19%) were lower year-over-year. Exports to Angola (160 mt, up from 0 mt), Morrocco (100 mt, +116%), and Cote d’Ivoire (40 mt, up from 0 mt) were above year-ago levels, while exports to South Africa (360 mt, -78%) and Gabon (220 mt, -1%) were lower year-over-year, resulting in exports to Africa (870 mt, -55%) below year-ago levels and the lowest level since November 2022. Exports to the Middle East (3,920 mt, +25%) were higher year-over-year and were the highest level since December 2022.

January – March beef muscle cut + variety meat exports totaled 311,865 mt, down 4.5% or -14,629 mt from last year. Exports were higher to Mexico (+5,990 mt), Middle East (+4,230 mt), Caribbean + DR (+1,400 mt), Central America (+220 mt), and South America (+170 mt). Exports were lower to Japan (-6,590 mt), Korea (-4,920 mt), China/HK (-4,000 mt), Africa (-3,640 mt), ASEAN (-3,560 mt), Taiwan (-2,610 mt), EU27 + UK (-1,070 mt), and Canada (-260 mt).

March 2024 beef exports accounted for 12.6% of production and 15.0% when adding variety meats, compared to 12.3% and 14.6% in March 2023. January – March 2024 beef exports accounted for 11.6% of production and 13.9% when adding variety meats, compared to 11.8% and 14.0% for January – March 2023. 

March 2024 beef export value per head of fed slaughter averaged $454.62/head, up 14% or +$57.42/head from $397.20/head in March 2023. January – March 2024 beef export value per head of fed slaughter averaged $407.91/head, up 9% or +$34.50/head from $373.41/head for January – March 2023.

Source: USMEF