Japan, Mexico, and Taiwan push US beef export values, according to the USMEF

In 2024, Japan continues to be the leading importer of US beef, despite economic challenges, with a 9% increase in May exports and a 20% increase in export value compared to the same period last year. The weak yen has also led to a surge in tourist arrivals in Japan, further boosting the demand for beef. Meanwhile, Mexico is the largest consumer of US beef variety meat. Although beef shipments to Taiwan have seen a decrease in 2024, there was a significant increase in export value in May. Despite the higher price of US beef compared to competitors, the US still enjoys a dominant market share in Taiwan's chilled beef sector.

Despite the persistently weak yen and other economic challenges, Japan has maintained its position as the leading volume destination for US beef in 2024, according to data released by USDA and compiled by USMEF. 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. The weak yen’s silver lining is that it has contributed to a surge in foreign visitors, bolstering Japan’s foodservice and hospitality sectors. Tourists arriving in Japan in May jumped 60% from a year ago and topped 3 million for the third consecutive month. Tourism officials project that total arrivals this year could surpass the 2019 record of 31.88 million. Demand for US beef in Mexico continues to gain momentum, with May exports increasing 9% from a year ago to 18,793 mt, while value climbed 17% to ...