January 21, 2013

US beef exports lower during 2012

US beef exports are 12% below year-earlier levels during November 2012, due to falling domestic supply and rising prices.

Much of the reduction in US exports has been to North American trading partners and to some major Asian trading partners, mainly South Korea. Exports to Canada and Mexico were 8% and 27% lower than those a year earlier, respectively, and exports to South Korea were 22% lower, while exports to Japan through November were only fractionally below year-earlier levels.

Through November, US beef exports to Vietnam and Hong Kong have maintained momentum this year, 4% and 17% higher over-year, respectively. US beef export totals for 2012 are expected to be 2.484 billion pounds, or 11% below year-earlier levels. Exports for 2013 are expected to be about 1% lower, at 2.45 billion pounds. Strong foreign demand amid a continuing contraction in the US cattle herd is expected to tighten US beef consumption even further.