2024 exports anticipated to extend 4.6%
25 March 2024
2 minute learn
US beef exports in January 2024 had been about 588 million kilos, virtually 6% upper than a yr in the past, consistent with a contemporary US Division of Agriculture (USDA) International Agricultural Data Community (GAIN) record.
As has change into commonplace, shipments to Mexico lead the pack, with 236 million kilos, up 3.2% from remaining yr. It’s notable that during January 4% of US exports went to Mexico.
The following-largest purchaser of US beef in January, Japan, accounted for 15% of exports, not up to 40% of Mexico’s percentage.
In overall, greater than part of US beef exports in January had been resulting from Western Hemisphere international locations. Asia accounted for not up to one-third of exports in January, with South Korea status out, purchasing virtually 52% extra US beef than a yr in the past.
Knowledge issued by way of the Govt of South Korea displays that import call for, robust in 2023, started 2024 with greater than 11 thousand lots of beef exports from the US, virtually 28% upper than a yr in the past. Maximum E.U. member States exported decrease volumes to South Korea in January, except Spain and the Netherlands. Most commonly decrease EU exports are most probably because of upper manufacturing prices, which at the moment most commonly boil down—at once and not directly—to better power prices. US exports to the ten biggest overseas patrons of US beef in January are indexed within the desk under, accompanied by way of nation stocks of January’s US exports.
At the power of upper January shipments, first-quarter exports are raised 30 million kilos to at least one.795 billion kilos, 7.6% upper than a yr previous. 2d-quarter exports are
anticipated to be 1.795 billion kilos, 10 million kilos greater than remaining month and about 1% upper than second-quarter 2023. The third-quarter export forecast is unchanged from
remaining month at 1.645 billion kilos, 6.6% upper than in the similar era of remaining yr. The fourth-quarter forecast is raised 10 million kilos to at least one.895 billion kilos, virtually 4%
upper than same-period shipments in 2023.
Overall US beef exports for 2024 are anticipated to be 7.130 billion kilos, about 4.6% upper than exports in 2023.