January 23, 2009

US beef exports in November reached 136 million pounds, posting a 12-percent year-over-year increase.

While total US beef exports went up, exports to the top buyers Canada and Mexico have declined year-over-year in November. On the other hand, exports to Japan increased 17 percent in November compared with last year, much lower than the 44-percent increase in September and the 51-percent increase in October.

Exports to South Korea went down by more than half compared with the previous month. Limited storage capacity, a weakening economy, and a depreciating Korean currency all were the reasons affecting US exports to Korea in November. Exports to Vietnam, the Middle East, and the EU have increased from last year, making up for some of the declines in the major markets.

Beef exports are expected to be 1.875 billion pounds for 2008 and are seen to increase to 1.92 billion pounds for 2009. Reduced demand from major importers, including Mexico, Japan, and Korea, is expected to continue into 2009. The financial crisis and global economic downturn will likely dampen sales of US high-quality, grain-fed beef in those countries.