US beef export value sets annual record - USMEF

Beef export value increased 14% year-over-year
calendar icon 12 January 2023
clock icon 1 minute read

November beef exports were below the large year-ago totals, but 2022 export value already set a full-year record of nearly $11 billion, according to data released by USDA and compiled by US Meat Export Federation (USMEF).

November beef exports totalled 115,777 mt, down 6% from the previous year’s large volume, while export value declined nearly 20% to $846.6 million. However, through the first 11 months of 2022, beef export value still increased 14% year-over-year to $10.9 billion, already topping the full-year record ($10.58 billion) set in 2021. January-November export volume was 1.36 million mt, up 3% from the record pace of 2021.

“Similar to the previous month, November results for U.S. beef exports reflected severe headwinds in our large Asian markets,” said USMEF president and CEO Dan Halstrom. “Key currencies in the region were still slumping, which impacted the buying power of importers and consumers. COVID cases and lockdowns in China were also intensifying, prompting widespread protests and the eventual lifting of many restrictions." 

"But the US dollar mainly peaked in late October and early November and global demand has remained relatively strong," Halstrom added. "Even with a high level of economic uncertainty, 2022 has been a fantastic year for US beef exports and the outlook for the coming year remains positive."

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