US beef exports swell 32 percent in 2008

The US exported 1.888 billion pounds of beef in 2008, up 32 percent from 2007, according to USDA's Livestock, Dairy and Poultry Outlook.

Mexico and Canada remained the two largest markets for US beef. Total US beef exports to Mexico last year grew 11 percent on-year while shipments to Canada increased 15 percent.

Japan was the third largest market, importing 231 million pounds of US beef, up 45 percent.

The US exported 152 million pounds of beef to South Korea in 2008, while 48 million pounds were shipped to Russia mostly in the second and third quarters.

US shipments to Vietnam also ballooned to 122 million pounds compared with 42 million pounds in the previous year.

A weak US dollar and rising global demand for meat products were the main reasons for the export growth throughout most of 2008. Third-quarter exports were especially high as trade with South Korea resumed and exports to Russia increased.

Exports slowed significantly in the fourth quarter due to the financial crisis and world economic slowdown. The US dollar strengthened against nearly every currency except the Japanese yen, and demand for grain-fed beef plummeted as economies in several markets weakened.

US exports this year are expected to reach 1.88 billion pounds, as the recession continues and the US dollar is expected to continue to be relatively strong.