US: Beef export value in May is the highest in 11 months

In May, U.S. beef exports saw a slight decrease in volume but an increase in value, reaching the second largest of 2024 at 110,133 metric tons and $902.4 million respectively. The first five months of the year showed a 5% increase in export value despite a 4% decrease in volume. Japan continued to be the largest market for U.S. beef, with a 9% increase in volume and a 20% increase in value year-over-year. Demand for U.S. beef in Mexico and the ASEAN region also remained strong, with Mexico being the largest market for U.S. beef variety meat. Despite challenges such as a weak yen and price competition, the U.S. continues to dominate Taiwan's chilled beef sector with about 70% market share.

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". 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 ...