February 26, 2004

22% Increase In US Beef Export Value

The value of US beef exports saw a 22% increase in 2003 following a weaker US$ and tight US beef supplies in the latter half of the year. Export values rose to US$3,150 million, far exceeding the 4% increase in volume (859,736 tonnes).

The largest beef export market was Japan, accounting for 35% of the volume and 37% of the value.  Exports to Korea were relatively unchanged in volume at 213,448 tonnes cwt, but were up 24% in value.

The United States Department of Agriculture (USDA) has not changed its February forecasts for beef exports in 2004 from its forecast made a month earlier (99,790 tonnes cwt), with the USDA assuming current US beef import bans will be maintained for the 2004 forecast period.  However, there is expectation in the US beef industry that the resumption of trade with Mexico is imminent.  If the trade eventuates, it is expected to alleviate the supplies of US beef that have built up since the announcement of the US BSE case on 23 December 2003.