Although November’s beef exports were down year-on-year, 2022’s beef exports have already set a record of nearly $11 billion for the full year. This news is based on USDA data compiled by the United States Meat Export Federation (USMEF).

Beef exports in November totaled 115,777 tons. That’s a 6% drop from last year’s record amount, according to the USMEF. Beef export value fell nearly 20% to $846.6 million.

However, in the first 11 months of 2022, it was still up 14% year-on-year to $10.9 billion. This surpassed the 2021 annual record of $10.58 billion. Exports for the 11 months from January to November were 1.36 million tonnes, up 3% from the all-time high in 2021.

Through November, the value of U.S. beef exports set annual records in certain markets. These included South Korea and China/Hong Kong, with exports exceeding $2.5 billion and $2.4 billion, respectively. Taiwan, the Philippines and Singapore also recorded record highs for exports this year.

A USMEF news release said that results in November, as well as October, were influenced by “severe headwinds” in big Asian markets.  “Key currencies in the region were still slumping, which impacted the buying power of importers and consumers.”

In addition, China’s continuing struggle with COVID and lockdowns eventually led to the end of many restrictions. The USMEF also noted that the U.S. dollar’s strength mainly peaked in late October and early November, however demand remained strong on a global level. “Even with a high level of economic uncertainty, 2022 has been a fantastic year for U.S. beef exports and the outlook for the coming year remains positive.”

Ads Blocker Image Powered by Code Help Pro

Ads Blocker Detected!!!

We have detected that you are using extensions to block ads. Please support us by disabling the ads blocker and whitelist the site.