Beef Highlights:

January 2024:
Beef: 76,626 mt, -4%; $675 million, +8%
BVM: 23,138 mt, +12%; $89 million, +16%
Beef + BVM: 99,764 mt, -1%; $764 million, +9%

January beef muscle cut exports totaled 76,626 mt, down 4% or -3,605 mt from last year. Compared to last year, beef muscle cut exports were higher to Mexico (+1,310 mt), Middle East (+590 mt), Caribbean + DR (+440 mt), and Central America (+240 mt), while exports were lower to Japan (-2,240 mt), Taiwan (-1,340 mt), China/HK (-790 mt), Canada (-590 mt), EU27 + UK (-480 mt), Korea (-370 mt), ASEAN (-260 mt), and South America (-80 mt). Exports to Mexico (9,890 mt, +15%), when excluding December, were the highest level since January 2021, while exports to Canada (6,510 mt, -8%) were the lowest level since February. Exports to Korea (17,830 mt, -2%) were lower year-over-year and exports to Japan (17,430 mt, -11%) were also lower year-over-year, but were the highest level since March. Combined exports to China/HK totaled 12,930 mt, down 6% from January 2023, and were the lowest level since February 2021. Exports to Hong Kong (2,310 mt, +55%) were above year-ago levels, but the lowest level since February, and exports to China (10,620 mt, -13%) were below year-ago levels and the lowest level since February 2021. Exports to the ASEAN (1,720 mt, -13%) were lower year-over-year with exports to Singapore (280 mt, -2%) and Vietnam (170 mt, -72%) below year-ago levels, while exports to the Philippines (1,110 mt, +30%) were above year-ago levels and exports to Thailand (140 mt, +18%) were the highest level since March. Exports to Taiwan (3,220 mt, -29%) were the lowest level since February 2017. Exports to the Caribbean + DR (2,310 mt, +23%) were the third highest level on record, driven by record high exports to Cuba (360 mt, up from 1 mt), as well as higher year-over-year exports to the Netherlands Antilles (290 mt, +19%), which were the sixth highest level on record. Exports were also above year-ago levels to the Leeward-Windward Islands (160 mt, +108%), Barbados (90 mt, +43%), which were the highest level since April 2022, the Cayman Islands (80 mt, +3%), and Haiti (80 mt, up from 3 mt), while exports were lower year-over-year to the Dominican Republic (610 mt, -12%), the Bahamas (260 mt, -1.5%), Trinidad and Tobago (140 mt, -4%), but were the highest level since March, and Jamaica (130 mt, -35%). Exports to Panama (320 mt, +161%) were the fourth highest level on record and exports were also higher year-over-year to Guatemala (840 mt, +37.5%) and El Salvador (130 mt, +20%), while exports were below year-ago levels to Costa Rica (270 mt, -31%) and Honduras (130 mt, -43%). Overall, exports to Central America (1,700 mt, +16%) were the sixth highest level on record. Exports to South America (820 mt, -9%) were below year-ago levels with exports to Colombia (390 mt, -11%) and Chile (200 mt, -39%) lower year-over-year, while exports to Peru (140 mt, +63.5%) were above year-ago levels. Exports to the Middle East (1,240 mt, +91%) were the highest level since November 2022, when excluding December’s total. Exports to the EU27 + UK (890 mt, -35%) were the lowest level since March 2021.

January beef variety meat exports totaled 23,238 mt, up 12% or +2,427 mt from last year. Exports were higher than last year to the Middle East (+1,390 mt), Mexico (+1,320 mt), Japan (+930 mt), China/HK (+300 mt), Korea (+260 mt), and South America (+30 mt), while exports were lower to Africa (-1,380 mt), ASEAN (-190 mt), Caribbean + DR (-90 mt), Central America (-80 mt), and Canada (-60 mt). When excluding December 2023 totals, exports to Mexico (10,230 mt, +15%) were the highest level since December 2020. Exports to Canada (510 mt, -10%) were below year-ago levels. Exports to Japan (3,720 mt, +33%) were higher year-over-year, while exports to Korea (960 mt, +37%) were also higher year-over-year, but the lowest level since February. Combined exports to China/HK (1,560 mt, +24%) were above year-ago levels, but the lowest level in a year. Exports to both China (1,160 mt, +7%) and Hong Kong (400 mt, +121%) were above year-ago levels. Exports to the ASEAN (50 mt, -80%) were the lowest level since February 2015. Exports to South America (660 mt, +5%) were above year-ago levels, but the lowest level since last January, with exports to Peru (460 mt, +113%) higher year-over-year, while exports to Colombia (90 mt, -61%) and Chile (70 mt, -41%) were below year-ago levels. Exports to Central America (250 mt, -25%) were the lowest level since October 2022 and exports to Caribbean + DR (370 mt, -20%) were also lower year-over-year. Exports to Gabon (270 mt, +394%), Morocco (150 mt, +213%), and Angola (80 mt, +200%) were above year-ago levels, while exports to South Africa (380 mt, -82%) and Cote d’Ivoire (320 mt, -1%) were below year-ago levels, resulting in exports to Africa (1,190 mt, -54%) lower year-over-year. Exports to the Middle East (3,630 mt, +62%) were the highest level since December 2022.

January 2024 beef exports accounted for 10.5% of production and 12.8% when adding variety meats, compared to 10.8% and 12.7% in January 2023.

January 2024 beef export value per head of fed slaughter averaged $360.18/head, up 9% or +$28.75/head from $331.44/head in January 2023.

Source: USMEF