Beef Highlights

February 2022:

Beef : 83,661 mt, +1%, $802 million, +34%
BVM: 24,840 mt, +18.5%, $103 million, +43%
Beef + BVM: 108,501 mt, +5%, $904 million, +35%

January – February 2022:

Beef: 179,750 mt, +10%, $1.734 billion, +47%
BVM: 47,817 mt, +7%; $196 million, +39%
Beef + BVM: 227,567 mt, +9%; $1.93 billion, +46%

February beef muscle cut exports totaled 83,661 mt, up 1% from last February (or +1,100 mt) but the lowest since that month.  February pork muscle cut exports were higher than last year to China/HK (+4,100 mt), Taiwan (+1,500 mt), ASEAN (+1,200 mt), Canada (+820 mt), South America (+630 mt), Central America (+580 mt), Caribbean + DR (+460 mt), and EU27 + UK (+380 mt), while exports were lower than last year to Korea (-4,700 mt), Japan (-2,300 mt), Mexico (-1,300 mt), Middle East (-250 mt).  In February, beef muscle cut exports to Korea (18,337 mt, -20%) slowed to the lowest level since December 2020 (following the near-record volume of 28,802 mt in Jan).  Exports to Japan (18,319 mt, -11%) also slowed and were the lowest since June 2020.  Combined exports to China/HK totaled 16,514 mt, up 33% from last February but also the lowest since that month.  Exports to China (14,501 mt, +81%) were up significantly from last year but were the lowest since March, while exports to Hong Kong (2,013 mt, -54%) remained below year-ago but started to rebound from January’s low level.  Exports to Mexico (7,331 mt, -15%) rebounded by 13% from January but were otherwise the lowest since last June, while exports to Canada (7,230 mt, +13%) were higher year-over-year.  Exports to Taiwan (5,306 mt, +39%) set a new high for the month of February.  Exports to the Philippines (1,191 mt, +57%) were the highest since last March, and exports to Thailand (237 mt, +56%) were record large.  Exports maintained momentum to Indonesia (898 mt, 85%) and Singapore (347 mt, +125%) but were lower year-over-year to Vietnam (673 mt, -6%).  Exports to Colombia (860 mt, +362%) have been over 800 mt each month since last October and continued on this record pace in February.  Exports to Chile (573 mt, -6%) were lower year-over-year.  Exports continued on a record pace to Central America with the third highest monthly volume for Guatemala (822 mt, +32%) in February and the fourth highest monthly volume on record to both Costa Rica (455 mt, +53%) and Panama (304 mt, +176%).  Exports were higher than last year to the DR (499 mt, +43%) but were the lowest since last July.  Exports to Qatar (197 mt, +218%) were the highest since April, but exports slowed to the UAE (371 mt, -36%) and Kuwait (194 mt, -48%). 

February beef variety meat exports totaled 24,840 mt, up 18.5% from last year (+3,900 mt) and down 8% from 2020 (-2,300 mt).  Compared to last year, beef variety meat exports were higher to China/HK (+1,950 mt), the Middle East (+1,900 mt), Japan (+1,000 mt), Africa (+560 mt), Korea (+180 mt), and the Caribbean + DR (+30 mt), while exports were lower to the ASEAN (-700 mt), South America (-340 mt), Canada (-300 mt), Mexico (-240 mt), and Central America (-80 mt).  Beef variety meat exports to Mexico (6,817 mt, -3%) slowed to the lowest level since August 2020.  Exports were higher to Japan (5,234 mt, +22%) and Egypt (4,603 mt, +64% and the highest since October).  Combined exports to China/HK were the second highest on record after May 2020 at 3,206 mt, up 154% from last year.  Exports to China (2,298 mt, +254%) were the highest since the market reopened, and exports to Hong Kong (908 mt, +48%) were the highest since March.  Exports to South Africa (1,480 mt, +40%) rebounded to the highest level since May, and exports were also higher than last year to Gabon (136 mt, +278%) and Angola (132 mt, +389%).  Exports to Korea (696 mt, +34%) were higher than last year but were lower than pre-covid levels.  Exports were lower to Indonesia (518 mt, -54%) and the Philippines (311 mt, -22%).  Exports to Canada (371 mt, -44%) were under 400 mt for the second consecutive month in February, the lowest level since 2007.  Exports to Chile (263 mt, +92%) were the highest since May, but exports to Colombia (182 mt, -48%) were lower than last year.  Exports to Jamaica (120 mt, -35%) were the lowest since 2014 for the second consecutive month.

January – February combined beef and muscle cut exports totaled 227,567 mt, up 9% or +19,000 mt from last year.  Exports were higher to China/HK (+14,200 mt), Taiwan (+4,600 mt), Korea (+3,700 mt), the Middle East (+1,500 mt), and EU27 + UK (+1,200 mt), Caribbean + DR (+900 mt), Central America (+720 mt), and the ASEAN (+90 mt), while exports were lower to Mexico (-5,000 mt), Canada (-1,700 mt), Africa (-500 mt), Japan (-410 mt), South America (-250 mt). 

February 2022 beef exports accounted for 11.6% of production and 14.1% when adding variety meats, compared to 12.3% and 14.4% for February 2021.  January – February 2022 beef exports accounted for 12.5% of production and 14.7% when adding variety meats, compared to 11.6% and 13.8% for January – February 2021. 

February beef export value per head of fed slaughter averaged a record $445.95/head, up 29% or +$100.58/head from $345.37/head in February 2021.  January – February 2022 beef export value per head of fed slaughter averaged $474.87/head, up 45% or +$146.95/head from $327.92/head for January – February 2021.

Source: USMEF