Beef Highlights:

June 2024:

Beef: 87,686 mt, -2%, but the highest since last June; $841 million, +4.5% and the highest since August 2022
BVM: 22,469 mt, -12.5%; $97 million, -7%
Beef + BVM: 110,155 mt, -4% but the second highest this year; $938 million, +3% and the highest since August 2022

January – June 2024:

Beef: 502,026 mt, -4.5%; $4.661 billion, +5%
BVM: 141,707 mt, -1%; $563 million, +2%
Beef + BVM: 643,733 mt, -4%; $5.223 billion, +4.5%

June beef muscle cut exports totaled 87,686 mt, down 2% or -1,738 mt from last year. Compared to last year, beef muscle cut exports were higher to Canada (+1,550 mt), Japan (+1,500 mt), ASEAN (+820 mt), Caribbean +DR (+710 mt), Mexico (+330 mt), Middle East (+290 mt), and Taiwan (+80 mt), while exports were lower to China/HK (-4,840 mt), Korea (-1,450 mt), EU27+UK (-270 mt), South America (-260 mt), and Central America (-110 mt). Exports to Canada (10,960 mt, +16.5%) were the highest level since June 2016, while exports to Mexico (8,290 mt, +4%) were above year-ago levels, but were the second lowest level this year. Exports to Japan (18,300 mt, +9%) were the highest level since March 2023 and were higher year-over-year for the third consecutive month after 13 months of below year-ago levels. Exports to Korea (18,280 mt, -7%) were below year-ago levels. Exports to Taiwan (7,300 mt, +1%) were the highest level since April 2022 and were the third highest level on record. Combined exports to China/HK totaled 14,310 mt, down 25% from last June and were the second lowest level this year. Exports to China (12,230 mt, -25%) and Hong Kong (2,080 mt, -27%) were both lower year-over-year. Exports to the ASEAN (3,270 mt, +33.5%) were higher year-over-year and were the second highest level this year, with exports to Indonesia (1,220 mt, +29%) and Vietnam (450 mt, +57%) the second highest levels this year and exports to the Philippines (1,160 mt, +53%) and Singapore (290 mt, +9%) were also higher year-over-year, while exports to Thailand (100 mt, -31%) were below year-ago levels. Exports to Cuba (540 mt, +662%) were the highest level on record, exports were also higher year-over-year to the Dominican Republic (750 mt, +32%), the Netherlands Antilles (210 mt, +28%), and Jamaica (140 mt, +134%), while exports were steady to the Leeward-Windward Islands (110 mt), but the lowest level since September, and exports were lower year-over-year to the Bahamas (240 mt, -6% and the lowest level this year), Trinidad and Tobago (90 mt, -9%), Turks and Caicos Islands (70 mt, -5%), Bermuda (60 mt, -15%), and the Cayman Islands (50 mt, -29%). Overall, exports to the Caribbean +DR (2,280 mt, +45%) were above year-ago levels for the ninth consecutive month. Exports to Panama (280 mt, +48%) were above year-ago levels, while exports were lower year-over-year to El Salvador (90 mt, -16%), but the second highest level this year, and exports were also below year-ago levels to Guatemala (590 mt, -1%), Costa Rica (190 mt, -1.5%), and Honduras (70 mt, -69% and were the lowest level since September), resulting in exports to Central America (1,240 mt, -8%) below year-ago levels and the lowest level since July 2023. Exports to South America (450 mt, -37%) were the lowest level since April 2011 with exports lower year-over-year to Chile (200 mt, -35%) and Peru (90 mt, -28.5%) and exports to Colombia (90 mt, -55%) also lower year-over-year and the lowest level since June 2020. Exports to the Middle East (1,240 mt, +31%) were above year-ago levels for the seventh consecutive month. Exports to the EU27 + UK (1,630 mt, -14%) were below year-ago levels for the sixth consecutive month.

June beef variety meat exports totaled 22,469 mt, down 12.5% or -3,214 mt from last year. Exports were higher than last year to the Middle East (+470 mt), Canada (+140 mt), Japan (+120 mt), and China/HK (+30 mt), while exports were lower to Africa (-1,630 mt), Mexico (-1,190 mt), Korea (-580 mt), ASEAN (-310 mt), Central America (-210 mt), South America (-30 mt), and Caribbean + DR (-3 mt). Exports to Mexico (8,860 mt, -12%) were below year-ago levels and the second lowest level this year, while exports to Canada (890 mt, +18%) were above year-ago levels and the second highest level this year. Exports to Japan (4,010 mt, +3%) were the highest level since March 2023, while exports to Korea (1,100 mt, -35%) were lower year-over-year, but the highest level this year. Combined exports to China/HK totaled 2,020 mt and were above year-ago levels after four consecutive months of below year-ago levels, with exports to China (1,450 mt, +13%) higher year-over-year, while exports to Hong Kong (570 mt, -19%) were lower year-over-year. Exports to the ASEAN (380 mt, -45%) were below year-ago levels with exports to the Philippines (40 mt, up from 1 mt) higher year-over-year, while exports to Indonesia (280 mt, -57%) fell below levels posted last June. Exports to South America (920 mt, -3%) were slightly lower year-over-year, but were the second highest level this year, with exports to Peru (620 mt, +8%) the highest level this year and exports to Chile (280 mt, +85%) also higher year-over-year. Exports to Central America (100 mt, -67%) were the lowest level since January 2014. Exports to Jamaica (200 mt, +21%) were the second highest level this year and exports to Trinidad and Tobago (80 mt, up from 10 mt) were also higher year-over-year, while exports to the Dominican Republic (10 mt, -94%) were the lowest level this year, resulting in exports to the Caribbean + DR (430 mt, -1%) slightly below year-ago levels and the second lowest level this year. Exports to South Africa (500 mt, -71%) were below year-ago levels, but were the highest level since September, exports to Morrocco (80 mt, +75%) were higher year-over-year, but the lowest level this year, exports to Gabon (50 mt, -78%) were the lowest level since February 2023, and exports to Angola (50 mt, -61%) were lower year-over-year. Overall, exports to Africa (680 mt, -70%) were the lowest level since November 2022. Exports to the Middle East (3,040 mt, +18%) were above year-ago levels for the sixth consecutive month.

January – June beef muscle cut + variety meat exports totaled 643,733 mt, down 4% or -25,443 mt from last year. Exports were higher to Mexico (+13,300 mt), Middle East (+6,710 mt), Caribbean + DR (+3,820 mt), and Central America (+740 mt). Exports were lower to Korea (-17,440 mt), China/HK (-15,030 mt), Africa (-6,820 mt), Taiwan (-3,030 mt), ASEAN (-2,500 mt), EU27 + UK (-2,220 mt), Japan (-2,020 mt), Canada (-530 mt), and South America (-330 mt).

June 2024 beef exports accounted for 12.8% of production and 15.0% when adding variety meats, compared to 12.0% and 14.3% in June 2023. January – June 2024 beef exports accounted for 11.8% of production and 14.1% when adding variety meats, compared to 12.2% and 14.4% for January – June 2023. 

June 2024 beef export value per head of fed slaughter averaged $459.21/head, up 13% or +$52.09/head from $407.12/head in June 2023. January – June 2024 beef export value per head of fed slaughter averaged $418.37/head, up 6% or +$23.99/head from $394.38/head for January – June 2023. 

Source: USMEF