October beef exports remained well below last year’s large totals but improved from September, led by stronger demand in Mexico and Taiwan, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Beef exports totaled 104,446 metric tons (mt.) in October, down 17% from a year ago but 6% above the low volume posted in September. Export value was $836 million, down 11% year-over-year but 5% higher than September. October exports posted significant year-over-year increases in Mexico, Central America (including a record volume for Costa Rica), Taiwan, Europe and Africa, but continued to trend lower to Japan, South Korea and China.
January through October exports of U.S. beef reached 1.08 million mt., down 13% from the record pace of 2022, while value fell 17% to $8.32 billion.
“On the beef side, economic headwinds in our largest Asian markets continue to weigh on demand, as consumers trade down to lower-priced proteins,” said USMEF President and Chief Executive Officer Dan Halstrom. “The recovery in Asia’s foodservice sector has been limited, but we remain hopeful that it will accelerate in 2024. Recent efforts to jump-start economic activity in these countries and address weakened currencies could also improve the business climate.”