Beef Highlights:

May 2024:

Beef: 85,556 mt, -4%, but the second highest this year; $805 million, +4% and the highest since June
BVM: 24,577 mt, -9% but the second highest this year; $98 million, -2% but the second highest this year
Beef + BVM: 110,133 mt, -5% but the second highest this year; $902 million, +3% and the highest since June

January – May 2024:

Beef: 414,340 mt, -5%; $3.820 billion, +5%
BVM: 119,238 mt, +1%; $465 million, +4%
Beef + BVM: 533,578 mt, -4%; $4.285 billion, +5%

April beef muscle cut exports totaled 86,338 mt, down 3% or -2,988 mt from last year. Compared to last year, beef muscle cut exports were higher to Mexico (+2,350 mt), JMay beef muscle cut exports totaled 85,556 mt, down 4% or -3,642 mt from last year. Compared to last year, beef muscle cut exports were higher to Japan (+2,220 mt), ASEAN (+1,390 mt), Mexico (+980 mt), Central America (+730 mt), Caribbean + DR (+410 mt), and Middle East (+210 mt), while exports were lower to Korea (-4,960 mt), Canada (-2,350 mt), China/HK (-2,080 mt), Taiwan (-190 mt), EU27 + UK (-60 mt), and South America (-10 mt). Exports to Mexico (8,530 mt, +13%) were above year-ago levels for the fourth month this year, while exports to Canada (8,250 mt, -22%) were below year-ago levels, but were the highest level since August. Exports to Japan (17,220 mt, +15%) were higher year-over-year for the second consecutive month, after 13 months of below year-ago levels. Exports to Korea (17,180 mt, -22%) were below year-ago levels and exports to Taiwan (5,880 mt, -3%) were also below year-ago levels, but the highest level since June 2023. Combined exports to China/HK totaled 16,710 mt, down 11% from May 2023, but the highest level since September. Exports to China (14,330 mt, -11%) and exports to Hong Kong (2,380 mt, -9%) were both lower year-over-year. Exports to the ASEAN (4,140 mt, +51%) were above year-ago levels and the highest level since October 2022, with exports to Singapore (590 mt, +95%) the highest level since December 2010 and the second highest level on record, exports to Indonesia (1,530 mt, +23%) the highest level since May 2022 and the eighth highest level on record, exports to Vietnam (510 mt, +129%) the highest level since March 2023, and exports to the Philippines (1,320 mt, +57%) were also higher year-over-year. Exports to Cuba (220 mt, +715%) were the fifth highest level on record, exports to Trinidad and Tobago (200 mt, +56%) were the highest level since August 2022 and the sixth highest level on record, exports to the Bahamas (300 mt, +14%) were the highest level since August, exports to Jamaica (170 mt, +26%) were the highest level this year, and exports were also higher year-over-year to Netherlands Antilles (210 mt, +7% but the lowest level since September), Bermuda (80 mt, +11%), the Cayman Islands (80 mt, +60%), and Turks and Caicos Islands (70 mt, +56%), while exports were lower year-over-year to the Dominican Republic (730 mt, -5%) and the Leeward-Windward Islands (140 mt, -7%), resulting in exports to the Caribbean + DR (2,260 mt, +22%) being above year-ago levels, but the lowest level this year. Exports to Guatemala (1,040 mt, +128%) were the highest level on record and exports were also higher year-over-year to Panama (230 mt, +188%), Costa Rica (200 mt, +24%), and El Salvador (40 mt, +11%), while exports were lower year-over-year to Honduras (170 mt, -22%), resulting in exports to Central America (1,680 mt, +77%) above year-ago levels and the second highest level this year. Exports to South America (600 mt, -1%) were slightly below year-ago levels and were the lowest level since June 2020 with exports lower year-over-year to Colombia (210 mt, -22%) and Peru (80 mt, -43% and the lowest level since August), while exports were above year-ago levels to Chile (240 mt, +39%).  Exports to the Middle East (1,100 mt, +23%) were above year-ago levels, but the lowest level since October. Exports to the EU27 + UK (1,750 mt, -3.5%) were below year-ago levels, but the highest level since August.

May beef variety meat exports totaled 24,577 mt, down 9% or -2,384 mt from last year. Exports were higher than last year to Mexico (+560 mt), Middle East (+500 mt), Caribbean + DR (+390 mt), Canada (+290 mt), and South America (+110 mt), while exports were lower to China/HK (-1,570 mt), Africa (-870 mt), Korea (-630 mt), ASEAN (-470 mt), Japan (-510 mt), and Central America (-200 mt). Exports to Mexico (10,260 mt, +6%) were above year-ago levels and were the second highest level this year and exports to Canada (1,010 mt, +40%) were also above year-ago levels and were the highest level since March 2020. Exports to Japan (3,770 mt, -12%) and Korea (880 mt, -42%) were lower year-over-year. Combined exports to China/HK totaled 1,950 mt and were below year-ago levels for the fourth consecutive month, with exports to China (1,330 mt, -38%) lower year-over-year and exports to Hong Kong (630 mt, -55%) also lower year-over-year, but the highest level since November. Exports to the ASEAN (510 mt, -48%) were below year-ago levels with exports to the Philippines (140 mt, +51%) higher year-over-year, but exports to Indonesia (290 mt, -67%) lower year-over-year. Exports to South America (810 mt, +16%) were the second highest level this year, with exports above year-ago levels to Peru (440 mt, +14%) and Chile (270 mt, +257%). Exports to Central America (290 mt, -41%) were below year-ago levels. Exports to the Caribbean + DR (590 mt, +189%) were the second highest level this year with exports to Jamaica (280 mt, +400%) the highest level since November 2020, and higher year-over-year exports to the Dominican Republic (100 mt, +472%) and Trinidad and Tobago (90 mt, +51%). Exports to Morocco (330 mt, +658%) were the highest level on record, while exports to South Africa (450 mt, -70%) were lower year-over-year and exports to Gabon (210 mt, -20%) were also lower year-over-year and the lowest level since November, resulting in exports to Africa (1,040 mt, -46%) below year-ago levels, but the second highest level this year. Exports to the Middle East (3,380 mt, +17%) were above year-ago levels for the fifth consecutive month.

January – May beef muscle cut + variety meat exports totaled 533,578 mt, down 4% or -20,491 mt from last year. Exports were higher to Mexico (+14,160 mt), Middle East (+5,950 mt), Caribbean + DR (+3,120 mt), and Central America (+1,050 mt). Exports were lower to Korea (-15,410 mt), China/HK (-10,230 mt), Africa (-5,190 mt), Japan (-3,650 mt), Taiwan (-3,090 mt), ASEAN (-3,010 mt), Canada (-2,220 mt), EU27 + UK (-1,970 mt), and South America (-40 mt).

May 2024 beef exports accounted for 11.5% of production and 13.8% when adding variety meats, compared to 12.1% and 14.7% in May 2023. January – May 2024 beef exports accounted for 11.6% of production and 13.9% when adding variety meats, compared to 12.2% and 14.4% for January – May 2023. 

May 2024 beef export value per head of fed slaughter averaged $410.94/head, up 3% or +$11.24/head from $399.71/head in May 2023. January – May 2024 beef export value per head of fed slaughter averaged $410.40/head, up 5% or +$18.74/head from $391.66/head for January – May 2023.

Source: USMEF