Beef Highlights:

October 2024:

Beef: 81,150 mt, +2%; $773 million, +5%
BVM: 24,119 mt, -2%; $88 million, -10%
Beef + BVM: 105,269 mt, +1%; $860 million, +3%

January – October 2024:

Beef: 826,871 mt, -2%; $7.759 billion, +5%
BVM: 239,212 mt, +1%; $926 million, -1%
Beef + BVM: 1.066 mil mt, -2%; $8.685 billion, +4%

October beef muscle cut exports totaled 81,150 mt, up 2% or +1,413 mt from last year and the highest in three months.

Compared to last year, beef muscle cut exports were higher to China/HK (+2,502 mt), Korea (+1,637 mt), Caribbean + DR (+496 mt), ASEAN (+307 mt), Central America (+272 mt), Mexico (+171 mt), and CIS (+1 mt), while exports were lower to Taiwan (-1,031 mt), Canada (-1,021 mt), Japan (-812 mt), EU 27 + UK (-481 mt), Middle East (-329 mt), South America (-243 mt), and Africa (-29 mt). 

Beef exports to Japan totaled only 13,797 mt in October, down 6% year-over-year and the lowest volume since 2016. 

Exports to Mexico held at over 9,000 mt and have been higher year-over-year for all but two months this year with exports up 2% in October (beef muscle cut exports to Mexico will be the highest since 2019 this year). 

Exports to Canada were below year-ago levels for the fourth consecutive month in October at 6,720 mt (-13%). 

Exports to South Korea were the highest since April at 18,742 mt, up 10%.  Exports to Taiwan dropped to the lowest level since January at 3,892 mt in October, down 21% from last year.

Combined exports to China/HK totaled 17,827 mt, up 16% from last year and the highest since June 2023.  Exports to China were also the highest since June 2023 at 15,010 mt, up 26% from last year, while exports to HK were steady with last year at 2,817 mt. 

For the ASEAN region, exports to Indonesia (1,518 mt, +1%) slowed from September shipments of over 2,000 mt but were slightly higher year-over-year, while exports to the Philippines (1,823 mt, +20%) jumped to the highest level since 2022, and exports to Singapore (531 mt, +20%) reached the fourth highest level on record.  Exports were also higher to Thailand (127 mt, +140%) but were lower to Vietnam (230 mt, -46%). 

For the Caribbean, exports to the DR (720 mt, +13%) continued to be higher year-over-year as did shipments to Cuba (174 mt, up from 20 mt last year) although exports to Cuba slowed from earlier this year. 

Exports to Guatemala (980 mt, +38%) were the fourth highest on record, and exports were also higher to Panama (256 mt, +17%) and Honduras (264 mt, +92% and the second highest on record) but were lower to Costa Rica (358 mt, -31% but the highest since last November).

In South America, exports slowed to Chile (243 mt, -26%) after a stronger month in September, while exports started to rebound to Colombia (211 mt, -37%) and were higher year-over-year in Peru (113 mt, +13%). 

October exports to the UAE dropped to just 94 mt, down 78% from last year and the lowest since 2006 except for one month in 2020. 

October exports to the EU27 + UK dropped to 1,172 mt, down 29% from last year and the lowest since January after nearing 1,680 mt the previous month.

October beef variety meat exports totaled 24,119 mt, down 2% or +590 mt from last year. 

Exports were higher than last year to Mexico (+1,096 mt), the Middle East (+628 mt), and China/HK (+249 mt), while exports were lower to Japan (-774 mt), South Korea (-691 mt), Africa (-465 mt), Canada (-285 mt), Central America (-120 mt), Caribbean + DR (-111 mt), ASEAN (-61 mt), and South America (-54 mt).

Exports to Mexico (10,690 mt, +11%) were the third highest level this year and were above year-ago levels for the fourth consecutive month. 

Exports to Canada (529 mt, -35%) slowed to the lowest level since April. 

Exports to Japan (3,055 mt, -20%) were the lowest since January 2023. 

Exports were also lower to Korea (896 mt, 44%), and exports have been lower year-over-year each month since April. 

Combined exports to China/HK totaled 2,666 mt, up 10% year-over-year and the highest since May 2023 as exports to China were up slightly at 1,947 mt and were also the highest since May 2023, while exports to HK (719 mt, +51%) were the highest since July 2023.

Beef variety meat exports to Vietnam (220 mt, +233%) were the highest since 2012, and exports to the Philippines (122 mt, +184%) were the highest since May, while exports slowed to Indonesia (328 mt, -45%). 

Following nearly 1,000 mt in September, beef variety meat exports to Peru totaled 770 mt in October, up 103% from last year.  Exports to Chile were only 85 mt, but were up from last year’s low level, while exports to Colombia were down 93% year-over-year at just 35 mt. 

Exports to Jamaica (223 mt, -16%) were the highest since last October. 

Exports to Egypt (3,468 mt, +22%) rebounded to the highest level since March, but beef variety meat exports to South Africa dropped to just 99 mt, which was down 75% from last year and was the lowest since 2016.  Exports to Gabon (243 mt, +1%) were the highest since April, while exports were lower to Morocco (60 mt, -18%) and Cote d’Ivoire (185 mt, -29%).  54 mt of beef variety meat exports were reported to Angola in October, the first shipments since June.

January – October beef muscle cut + variety meat exports totaled 1.066 million mt, down 2% or -18,463 mt from last year. Exports were higher to Mexico (+21,607 mt), Middle East (+8,544 mt), Caribbean + DR (+4,650 mt), ASEAN (+838 mt), Central America (+814 mt), Japan (+356 mt), and CIS (+5 mt). Exports were lower to Korea (-18,561 mt), China/HK (-16,222 mt), Africa (-8,789 mt), EU27 + UK (-3,541 mt), Canada (-3,351 mt), South America (-2,710 mt), and Taiwan (-1,741 mt).

October 2024 beef exports accounted for 10.3% of production and 12.5% when adding variety meats, compared to 10.7% and 13% in October 2023. January – October 2024 beef exports accounted for 11.5% of production and 13.8% when adding variety meats, compared to 11.8% and 14.1% for January – Oct 2023. 

October 2024 beef export value per head of fed slaughter averaged $380.98/head, down 2% or -$8.93/head from $389.91/head in October 2023. January – October 2024 beef export value per head of fed slaughter averaged $411.03/head, up 4% or +$15.63/head from $395.40/head for January – October 2023.

Source: USMEF