USMEF: November Asia Headwinds Persist for Beef

U.S. beef exports slowed in November, recording the third lowest value of 2023.

Beef exports totaled 99,029 mt in November, down 14% from a year ago and the second lowest of the year, while value fell 7% to $786.2 million. For the first 11 months of the year, beef exports were 13% below the record pace of 2022 at 1.18 million mt, while value declined 17% to $9.11 billion.

“There are certainly bright spots for U.S. beef, with exports rebounding in Mexico and demand in several Western Hemisphere markets the strongest we’ve seen in years,” USMEF President & CEO Dan Halstrom said. “But economic conditions in our largest Asian markets and the sharp rebound in Australian production and exports have been persistent obstacles over the past year, making it a sharp contrast with the tremendous 2022 performance for U.S. beef exports. Despite these challenges, we still see sustained demand for chilled U.S. beef, and the U.S. remains the dominant supplier of chilled beef entering Korea, Japan and Taiwan.”

Source: USMEF