Beef Highlights:

November 2024:

Beef: 83,755 mt, +10.5%; $785 million, +13%
BVM: 25,553 mt, +10%; $88 million, -7%
Beef + BVM: 109,288 mt, +10%; $873 million, +11%

January – November 2024:

Beef: 910,626 mt, -1%; $8.543 billion, +6%
BVM: 264,745 mt, +2%; $1.014 billion, -1%
Beef + BVM: 1.175 mil mt, -1%; $9.557 billion, +5%

November beef muscle cut exports totaled 83,755 mt, up 10.5% or +8,000 mt from 2023’s low November total and the highest in four months.

Compared to the previous year, November beef muscle cut exports were higher to Korea (+3,775 mt), ASEAN (+1,518 mt), Taiwan (+1,467 mt), China/HK (+1,016 mt), Caribbean + DR (+470 mt), Central America (+321 mt), Mexico (+177 mt), and the EU 27 + UK (+13 mt), and exports were steady to Japan.  Exports were lower to Canada (-337 mt), the Middle East (-286 mt), and South America (-125 mt). 

After dropping to the lowest volume since 2016 in October, beef exports to Japan rebounded somewhat in November, but were the second lowest of the year at 15,333 mt, steady year-over-year. 

Exports to Mexico slowed from October but remained higher year-over-year at 8,596 mt, up 2% from 2023 (beef muscle cut exports to Mexico will be the highest since 2019 in 2024). 

Exports to Canada were below year-ago levels for the fifth consecutive month in November at 6,951 mt (-5%).

Exports to South Korea were the highest since March at 20,666 mt, up 22% from the previous year.  

Exports to Taiwan were the highest in three months at 5,089 mt in November, up 40.5% from the previous year.

Combined exports to China/HK totaled 16,138 mt, up 7% from 2023 and above year-ago levels for the second consecutive month.  Exports to China were 13,354 mt, up 7% from 2023, while exports to HK were 2,784 mt, up 4%from 2023. 

For the ASEAN region, exports to Indonesia (1,064 mt, +115%) were the lowest since August but were up sharply from last year.  Shipments to the Philippines (1,025 mt, +72%) also slowed from October but were higher than last year for the eighth consecutive month.  Exports to Vietnam (720 mt, +238%) were the highest since 2022. 

For the Caribbean, exports to the DR (949 mt, +60%) continued to be higher year-over-year, and volume reached the third highest level of the year after March and February.  Shipments to Cuba (mostly canned beef) continued to slow from earlier this year and were just 100 mt, the lowest since last December but up from 12 in Nov 2023.  Exports to the Netherlands Antilles reached a monthly high of 343 mt in November, up 21% from 2023.

Exports to Guatemala (925 mt, +22%) continued on a record pace, and exports were record large to Panama (428 mt, +199%) and higher to Honduras (200 mt, +71%).  Exports were lower to Costa Rica (167 mt, -58%) for the fourth consecutive month.

In South America, exports to Chile (506 mt, +40%) reached the highest level since May 2022, and exports continued to rebound to Colombia (278 mt, -40%) and reached the highest level since March.  Exports to Peru (132 mt, +55%) were higher year-over-year for the fourth consecutive month.    

November exports to Qatar (362 mt, +60%) were the highest since 2011, while exports to the UAE slowed further from October to just 5 mt, down 99% from 485 mt in Nov 2023.

November beef variety meat exports totaled 25,533 mt, up 10% or +2,303 mt from the previous year and the highest since June 2023. 

Exports were higher than last year to the Middle East (+1,665 mt), Mexico (+894 mt), Canada (+350 mt), China/HK (+344 mt), ASEAN (+28 mt), and South America (+19 mt), while exports were lower to Japan (-725 mt), Korea (-167 mt), and Central America (-90 mt) and were down just slightly to the Caribbean + DR and Africa.  

Exports to Mexico (10,318 mt, +9.5%) were above year-ago levels for the fifth consecutive month. 

Exports to Canada (1,049 mt, +50%) rebounded to the highest level since July after volumes slowed in October.

Exports to Japan (3,032 mt, -19%) were the lowest since January 2023. 

Exports were also lower to Korea (833 mt, -17%), and exports have been lower year-over-year each month since April. 

Combined exports to China/HK totaled 2,757 mt, up 14% year-over-year and the highest since May 2023.  Exports to China (1,914 mt, +13%) were the second highest so far this year after the strong October volume, and exports to HK (843 mt, +17%) were the highest since May 2023.

Beef variety meat exports were higher than the previous year to the Philippines (117 mt, up from just 4 mt last year0 and Vietnam (77 mt, up from just 2 mt last year), while volumes remained below previous year levels to Indonesia (341 mt, -29%).

Exports to Peru were strong for the third consecutive month at 733 mt, up 75% from 2023.  Exports to Colombia rebounded to 62 mt, which was the highest since March but was down sharply from 466 mt in November 2023.  Exports to Chile (182 mt, +146%) were the highest since July.

Exports to Jamaica (209 mt, +7%) were above 200 mt for the second consecutive month.

Exports to Egypt (3,921 mt, +70%) rebounded to the highest level since March, but beef variety meat exports to South Africa were just 150 mt, which was down 50% from last year and was the lowest since 2016 for the second consecutive month.  Exports to Gabon (437 mt, +236%) were the highest since March 2022, and exports to Cote d’Ivoire (398 mt, +28%) were the highest since September 2023,

January – November beef muscle cut + variety meat exports totaled 1.175 million mt, down 1% or -8,204 mt from 2023. Exports were higher to Mexico (+22,678 mt), Middle East (+9,923 mt), Caribbean + DR (+5,117 mt), ASEAN (+2,384 mt), Central America (+1,045 mt), and CIS (+14 mt). Exports were lower to Korea (-14,953 mt), China/HK (-14,862 mt), Africa (-8,796 mt), EU27 + UK (-3,529 mt), Canada (-3,338 mt), South America (-2,816 mt), and exports were just slightly lower to Japan (-387 mt) and Taiwan (-277 mt).

November 2024 beef exports accounted for 11.8% of production and 14.4% when adding variety meats, compared to 10.4% and 12.7% in November 2023. January – November 2024 beef exports accounted for 11.5% of production and 13.8% when adding variety meats, compared to 11.7% and 13.9% for January – November 2023. 

November 2024 beef export value per head of fed slaughter averaged $428.70/head, up 13% or +$48.18/head from $380.52/head in November 2023. January – November 2024 beef export value per head of fed slaughter averaged $412.58/head, up 5% or +$18.51/head from $394.07/head for January – November 2023. 

Source: USMEF