The latest trade data for October continued recent trends in international beef trade. October beef exports were down just 0.3% year over year with the year-to-date total for the first 10 months of the year down 2.6% (Figure 1). October beef imports were up 35.2% year over year in October with a January-October total up 22.5% over last year.
Japan has moved back into the top spot as the No. 1 beef export market thus far in 2024, with a 10-month total unchanged from a year ago and a 21.8% share of total beef exports. Following closely is South Korea, in second place this year (down from No. 1 last year), with a year-to-date total down 8.8% from last year and a 20.5% share of total beef exports.
The combined China/Hong Kong market is No. 3, down 7.8% year over year thus far in 2024 and holding an 18.7% share of the beef export total. Mexico continues to show the strongest growth in major export markets with beef exports up 9.8% year over year thus far and an increasing 11.4% share. No. 5 Canada is down 7.2% in 2024 with an 8.5% share of beef exports. Taiwan is the No. 6 beef export market with a year-to-date total down 2.6% and a 6.4% beef export share.
Australia has regained the top spot as a source of U.S. beef imports, with a 10-month total up a whopping 69.4% and a 22.7% share of the import total. Australia has not been the top beef import source for the U.S. since 2016. Canada has dropped to second place with a total thus far in 2024 up 1.3% and a 21.8% share. Brazil is the No. 3 source of beef imports, up 52% thus far in the year and a 15.6% share of the import total. New Zealand is the fourth largest source of beef imports with a total through October up 6.3% year over year and a 13% share of total imports. Mexico is the fifth largest source of beef imports and is down 11.7% year over year with a 12.9% share of beef imports. Uruguay is the No. 6 beef import source, up 65.4% year over year and a 6.3% share of the total.
Canada and Mexico are both strong bilateral beef trade partners but are moving in opposite directions. Beef imports from Canada continue to grow and exports decline year over year while Mexico has decreased as an import source with beef exports to Mexico increasing this year and in 2023 from a recent low in 2022.
The sharp jump in total beef imports this year is in response to a 12.8% year-over-year decrease in nonfed beef production resulting from a 15.9% year-over-year decrease in cow slaughter through late November. Much of beef imports supply lean processing beef for hamburger and other processed beef products. — Derrell S. Peel, Oklahoma State University Extension livestock marketing specialist
