Source: U.S. Meat Export Federation
The value of U.S. beef exports topped $900 million in May, the highest since June 2023, according to data released by USDA and compiled by USMEF. Pork exports posted another solid performance in May, but were below last year in both volume and value.
May beef exports totaled 110,133 metric tons (mt), down 5% from a year ago but the second largest of 2024. Beef export value reached $902.4 million in May, 3% above last year and the highest in 11 months. For January through May, beef exports followed a similar trend, increasing 5% year-over-year in value to $4.29 billion, despite a 4% decline in volume (533,578 mt).
“It has been encouraging to see demand stabilize in Japan, where U.S. beef certainly faces significant headwinds,” said USMEF President and CEO Dan Halstrom. “The tourism boom has provided a much-needed lift for Japan’s foodservice sector, and it is a source of optimism for buyers and importers. Taiwan and the ASEAN region were also bright spots for U.S. beef in May, along with Western Hemisphere markets such as Mexico, Guatemala and the Caribbean.”
May pork exports totaled 251,447 mt, down 4% from a year ago, valued at $715.8 million (down 2%). Through the first five months of the year, exports were still up 6% to 1.29 million mt, while export value was 7% above last year’s record pace at $3.6 billion.
“Pork shipments to Mexico trended a bit lower in May, but that’s following a record April performance,” Halstrom said. “And even at that, export value to Mexico still topped $200 million. U.S. pork also posted another great month in South Korea and exports to the ASEAN region were the largest in three years. Demand also continued to strengthen in Central America and the Caribbean.”
Japan, Mexico, Taiwan help push May beef export value over $900 million
Despite the persistently weak yen and other economic challenges, Japan has maintained its position as the leading volume destination for U.S. beef in 2024. May beef exports to Japan were just under 21,000 mt, up 9% from a year ago, while export value climbed 20% to $164.1 million. For January through May, exports to Japan were still 3% below last year in volume (104,712 mt), but export value increased 5% to $796.8 million.
