While below last year’s high volume, March beef exports were the largest since October, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
Beef exports totaled 120,495 metric tons (mt) in March, down 5% from a year ago. Export value fell 17% to $892.6 million, but both volume and value were the highest in five months. Through the first quarter, beef exports were down 8% year over year to 326,494 mt, valued at $2.35 billion (down 22%).
March beef exports to Mexico were well above last year, while export growth to the Caribbean was highlighted by a record month for the Dominican Republic. Exports also increased year over year to the Philippines, while beef variety meat demand strengthened in South Africa and Peru. March exports to South Korea were below last year but were the largest in 10 months, while exports to China/Hong Kong were the largest since October.
“U.S. beef exports faced considerable headwinds late last year and at the beginning of 2023, but the March results show some encouraging trends,” said USMEF President and CEO Dan Halstrom. “Most Asian markets showed renewed momentum in March, while exports continued to trend higher to Mexico, the Caribbean and South Africa.”
March exports of U.S. lamb muscle cuts totaled 218 mt, down 5% from a year ago, but export value still climbed 11% higher to $1.4 million. First quarter exports increased 35% to 664 mt, valued at $3.7 million (up 23%). First quarter lamb exports to Mexico were the largest since 2017, while exports also increased to the Netherlands Antilles, the Bahamas, Guatemala and Taiwan. — USMEF
