Analysis Pigs & Pork
Diversification drives growth in US beef exports
The American beef export increased in September compared to the same month last year. In contrast to the beginning of the year, the performances in recent months are better on a year-on-year basis. Especially the export to Mexico is driving the growth, but the successful diversification to small countries is also contributing to growth. It is remarkable that Cuba is a clear growth market.
The American beef export increased by 5% in September compared to September 2023. The total export amounted to 104,000 tons. The value of the export increased by 6% to $845.9 million.
Over the period from January to September, volumes decreased by 2% compared to the same period last year. The total export for the first nine months of this year amounted to 961,000 tons. The value of the export did increase, by 5% to $7.82 billion.
A clear pattern is emerging. At the beginning of the year, beef exports were quite low compared to the previous year. Later in the year, performances are better but rather inconsistent. Compared to last year, exports are much more stable. This results in clear differences compared to the previous year.
Mexican import increases significantly
Mexico is now clearly the main growth market. Like the United States, the country is facing drought, resulting in lower domestic production. The total export amounted to 19,500 tons. This is an increase of 20% compared to September 2023. The total value of the export was $112.1 million, a 19% increase. Over the first nine months of the year, exports to Mexico increased by 13% to 173,500 tons. The value of the export increased by 17% to $250 million. $176 million of that was spent on by-products.
Exports to the Caribbean region also increased significantly. In September, exports to that region increased by 7% to over 2,000 tons. Over the entire year up to September, exports increased by 21% to 24,500 tons. Interestingly, just like in the pork market, Cuba is driving the growth. Export to Central America also shows a significant increase, rising by 15% compared to September of the previous year.
Asian export also increases
Exports to South Korea increased slightly in September compared to the previous year, reaching 18,100 tons. Meanwhile, the value of the export increased by a whopping 10% to 175,500 tons. Throughout the year, exports to the Asian country have played a significant role in the increase in export value. Over the first nine months of 2024, the value of the export increased by 2% to $1.6 billion, while trade volumes decreased by 10%. Exports to the Philippines and Indonesia also increased significantly, resulting in a substantial increase in export growth in the ASEAN region. Total exports increased by 28% year-on-year to 4,500 tons in September. This increase is a recent phenomenon. Over the first nine months of the year, exports increased by only 2% compared to the same period last year.
Finally, exports to the Middle East are weaker. Exports to the region decreased by 3% to 3,500 tons in September. Meanwhile, the value of exports increased by a significant 16% to $21 million. In the first nine months of the year, exports increased much more compared to the same period last year. During that period, exports increased by a significant 26% to 40,000 tons. Egypt is the largest importer of American beef within the region. Exports to Egypt from January to September increased by 21% compared to the same months in 2023.
