U.S. beef export values reached $902.4 million in May, 3% higher than last year and the highest point since June 2023, according to USDA data compiled by the U.S. Meat Export Federation (USMEF).
Total export volume was 110,133 metric tons (MT), down 5% from a year ago but still the second-largest of 2024 (Figure 1). According to the USMEF report, beef exports followed a similar trend January through May, increasing 5% year over year in value to $4.29 billion, despite a 4% decline in volume (533,578 MT). Japan, Mexico and Taiwan were the three biggest importers of U.S. beef, January to May.
Japan remains the highest-volume importer of U.S. beef. Despite economic challenges and a weak yen, a bustling tourism season during May – up 60% from a year ago – has bolstered the hospitality and food service sectors, keeping up a strong demand for beef. May imports totaled just under 21,000 MT, 9% over 2023, and export value increased 20% to total $164.1 million.
“It has been encouraging to see demand stabilize in Japan, where U.S. beef certainly faces significant headwinds,” said USMEF President and CEO Dan Halstrom. “The tourism boom has provided a much-needed lift for Japan’s food service sector, and it is a source of optimism for buyers and importers. Taiwan and the Association of Southeast Asian Nations (ASEAN) region were also bright spots for U.S. beef in May, along with Western Hemisphere markets such as Mexico, Guatemala and the Caribbean.”
May exports to Mexico have gone up 9% from last year (18,793 MT), and value has jumped 17% to total $109.8 million. According to USMEF reports, Mexico is the largest-volume destination for U.S. beef variety meat, taking large volumes of tripe, lips, livers, hearts and kidneys. Through May, the export value of beef variety meat came to $136.6 million, up 13% from 2023.
U.S. beef takes up about 70% of Taiwan’s market share. Although export volume has gone down, the values are still staying relatively elevated. Although beef shipments to Taiwan have trended lower in 2024, May saw a 6% increase from last year – about $63 million.
May beef exports to China/Hong Kong have slowed compared to last year, falling 16% to 18,659 MT. But export value is down just 4% to $181.3 million, and export value to China alone was only 2% below last year at $146 million. January-May exports to the region were down 10% to 88,446 MT. Export value was 4% below last year at $821 million but is still on track to approach $2 billion in 2024.
