Beef Export Value Trends Higher in 2024
Beef export value climbed 5% from 2023 despite a slight decrease in volume as unit export values were record high, according to year-end data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
December beef exports totaled 110,171 mt, up 1.5% from a year ago, while value climbed 4% to $897.6 million – the highest since July. For the full year, beef exports were 1.29 million mt, down 0.5% year-over-year, while value increased 5% to $10.45 billion.
“Considering the formidable headwinds in the large Asian markets – especially in the first half of the year – and the challenges on the supply side, beef exports exceeded expectations in 2024,” Halstrom said. “The economic climate in Asia has shown modest improvement and in the meantime, demand for U.S. beef strengthened in other regions, including double-digit growth in Mexico. The U.S. beef industry continues to export a steady percentage of production at higher prices, as evidenced by export value per head of fed slaughter reaching $415. U.S. beef always sells at a premium internationally, and the strong U.S. dollar contributed to further increases in pricing in local currencies. So the 2024 results confirm that global demand is extremely resilient.”
Source: USMEF