September beef exports were below last year for the first time in 2022, but exports remain on a record pace through the first three quarters of the year.
September beef exports totaled 115,487 metric tons (mt), valued at $890.3 million, down 7% from a year ago in both volume and value. For the first nine months of 2022, beef exports were still 4% above last year, at 1.12 million mt. Export value reached $9.12 billion, up 20%, already achieving the second highest total for any calendar year, trailing only the 2021 record ($10.58 billion).
Despite China’s zero-COVID policies that result in travel restrictions and periodic lockdowns in metropolitan areas, September beef exports to China/Hong Kong were still above last year. Shipments also increased year over year to the Association of Southeast Asian Nations region and the Caribbean, but they declined to Korea, Japan and Taiwan.
While beef exports remain well-positioned to reach new heights in 2022, the September results reflected significant headwinds that have been building for some time.
“Demand for U.S. beef has been extremely resilient, but inflationary pressure on consumers and weakened currencies in key markets have definitely created a more challenging environment,” said U.S. Meat Export Federation (USMEF) President and CEO Dan Halstrom. “Exports also continue to face logistical challenges: lockdowns in China and mounting inventories in some destinations. Still, it’s hard to view September sales of nearly $900 million as a disappointment, when this would have been an all-time record just 18 months ago. That really drives home what a remarkable year this has been for U.S. beef exports.”
Lamb muscle cut exports rebound
Following a down month, September exports of U.S. lamb muscle cuts rebounded to 269 mt, up 175% from last year’s low volume. Export value totaled $1.31 million, up 67%. Through September, lamb muscle cut exports increased 76% to 1,676 mt, valued at $9.9 million (up 68%), led by a near doubling of exports to the Caribbean. — USMEF
