July beef exports stay on $1 billion - USMEF
Beef exports listed the fifth largest volume on record
15 September 2022
1 minute read
US beef exports again topped $1 billion in July and posted the fifth-largest volume on record, according to data released by USDA and compiled by the US Meat Export Federation (USMEF). Japan leads broad-based growth in July beef exports
July beef exports totaled 126,567 metric tons (mt), up 3% year-over-year. Export value increased 7% to $1.006 billion, topping the $1 billon mark for the sixth time this year. Japan was the pacesetter for July exports, but volumes also increased year-over-year to China/Hong Kong, the ASEAN region, Central America, the Caribbean and Colombia. July exports eased for South Korea and Taiwan, though both markets remain on a record pace in 2022.
For the first seven months of the year, beef exports increased 6% from a year ago to 870,471 mt, valued at $7.2 billion (up 29%). Export value per head of fed slaughter is on a record pace at more than $475.00.
"Global demand for U.S. beef continues to be amazingly resilient, especially at the retail level,” said USMEF president and CEO Dan Halstrom. "Exports have also benefited from a partial rebound in the foodservice sector but this recovery is far from complete. Many markets are still gradually easing COVID restrictions, so we definitely see opportunities for further growth as restaurant traffic returns. Headwinds remain formidable, however, including further devaluation of key trading partner currencies."
TheCattleSite News Desk
