Despite facing significant challenges, U.S. beef exports made important strides over the past year, according to the U.S. Meat Export Federation’s (USMEF) annual report. From January through November, export value climbed 5% year over year to $9.56 billion, even as volume slightly dipped to 1.18 million metric tons, down 1%.
“Buying power in our largest markets, Korea and Japan, was impeded by weak currencies and persistent inflation, which continued to weigh on the post-COVID recovery of the foodservice Sector,” Dan Halstrom, president and CEO of USMEF, said in the report. “But demand for U.S. beef thrived in Mexico, with export value reaching its highest level since 2009. Beef exports also rebounded to the Middle East and were record-large for the second consecutive year to Central America and the Dominican Republic.”
Beef exports
According to the annual report, U.S. beef exports to Mexico saw significant growth in 2024, with shipments through November rising 12% year over year to 211,920 metric tons (mt). Export value climbed 14% to $1.23 billion. While a strong peso bolstered demand in the first half of the year, interest in U.S. beef remained resilient even as it weakened, losing 20% of its value against the U.S. dollar since late May.
Japan remained the top volume destination for U.S. beef in 2024 despite ongoing challenges posed by a weak yen. January-November exports held steady at 224,102 mt, with value increasing 4% to $1.73 billion. USMEF attributes this stability in part to record levels of tourism, which helped sustain demand. Other key markets showed mixed results—exports to South Korea, the leading value destination, increased 5% in value to $2.01 billion despite a 7% volume decline, while shipments to China/Hong Kong dropped 7% in volume and 3% in value to $1.81 billion. However, USMEF noted renewed momentum in China/Hong Kong during the fourth quarter.
In Central America, the report states that larger shipments to Guatemala and Panama drove a 5% increase in volume to 20,072 mt, with value up 9% to $147.1 million. The Caribbean market also experienced strong gains, led by increased demand in the Dominican Republic, Cuba, and Trinidad and Tobago. Beef exports to the region reached 29,655 mt, up 21% from the previous year, while export value rose 12% to $255.7 million. According to USMEF, growth in the Dominican Republic was driven by higher demand for muscle cuts, while Trinidad and Tobago saw increased purchases of variety meats.
The Middle East saw a 25% surge in exports, led by demand for variety meats in Egypt and muscle cuts in Kuwait, though trade with the United Arab Emirates slowed due to halal certification issues.
Pork, lamb exports
U.S. pork exports are on track to set new records in both volume and value in 2024, according to USMEF.
“What makes this even more remarkable is that the previous (2020) volume record was driven in part by unprecedented demand from China, which was still recovering from widespread African swine fever outbreaks,” Halstrom said. “A few years later, despite China’s demand for imported pork declining significantly, the U.S. pork industry is reaching new heights internationally by focusing on market diversification and promotion of underutilized cuts.”
Through November, exports climbed 5% year over year to 2.76 million metric tons (mt), valued at $7.85 billion, a 6% increase. Projections indicate total exports will surpass 3 million mt for the first time, breaking the previous volume record of 2.98 million mt set in 2020, while also exceeding the 2023 value record of $8.16 billion. Mexico remains the top market, with exports reaching 1.05 million mt, up 5% from the previous year’s record pace, and value increasing 10% to $2.33 billion. This marks the third consecutive year that export value to Mexico has topped $2 billion; the first time it has surpassed $2.5 billion.
U.S. lamb exports continued their upward trend in 2024, driven by strong demand in the Caribbean and Mexico, according to USMEF. From January through November, exports increased 12% year over year to 2,428 metric tons (mt), with value rising 13% to just over $13 million. Mexico led the growth, with shipments climbing 27% to 768 mt, marking the highest volume since 2019 as a broader range of cuts gained traction with importers. The Bahamas also saw a surge in demand, with exports soaring 124% to 309 mt, the strongest level since 2011. USMEF also reported year-over-year gains in the Philippines and Guatemala, while shipments to Japan increased slightly. Exports remained steady in Taiwan but declined in Canada and Panama.
Trade optimism
Despite challenges such as trade barriers, labor disruptions at U.S. ports, and the need for stronger enforcement of trade commitments, Halstrom remains optimistic about the industry’s future.
“If I seem like an eternal optimist, it’s because I have seen firsthand for several decades how expanding global demand benefits the U.S. meat industry,” he said.
Comparing Africa and Southeast Asia’s potential to the early development of markets in Mexico and Central and South America, he believes the growth opportunities are extraordinary. While he acknowledges the need for a new farm bill to provide stability for U.S. producers, Halstrom remains confident in the industry’s resilience.
“These challenges are not insurmountable, and I am confident they will not stand in the way of continued success in the coming year,” Halstrom concluded. — Charles Wallace, WLJ contributing editor
