US beef exports jump 45% in July

 According to data released by the USDA and compiled by the US MEAT EXPORT Federation (USMEF), US beef exports performed well this summer, with another new value record in July. July export value rose 45% year-over-year to $939.1 million while export volume was the third largest at 122,743 metric tons (t), up 14% year-over-year of the year.

July beef exports to the main Asian markets of Japan, SOUTH KOREA and Taiwan were relatively stable compared to last year, but at a significantly higher cost. The increase in export volumes was driven by record high shipments to CHINA and a sharp recovery in Western Hemisphere markets from a year ago. From January to July, U.S. beef exports increased 18% year-over-year to 822,830 tons, while the value rose 30% to $5.58 billion. Compared to the pace set in 2018, a record year for U.S. beef exports, shipments are up 6% in volume and 17% in value.

“Beef exports in July were truly outstanding, especially with covid-19 issues still impacting global food service, as well as ongoing delivery and logistics hurdles. Retail demand continues to be huge, as evidenced by a new record for beef prices. For pork, the US industry continued to focus on diversifying markets, even when China 's imports were absolutely off the charts. This philosophy is paying big dividends now, with exports maintaining a record pace even as exports to China are declining," said USMEF President and CEO Dan Halstrom.