The US is expected to export 2.05 billion pounds of beef this year, an increase of nearly 10% from 2009, due to a global recovery of world economies and strengthening demand in nearly all of the US's export partner countries.
Total first-quarter exports of US beef are forecast at 470 million pounds, a more than 22% increase from 2009 first-quarter exports. Tightened supplies among some of the major beef-exporting countries, including Australia and New Zealand, and the relatively weakened US dollar have encouraged US beef exports early in 2010.
US beef exports to Canada increased 24% during January and February 2010. US beef exports to Taiwan and Hong Kong likewise surged during the first two months of the year, increasing 111% and 314% on-year, respectively. US beef exports to Vietnam through February were 2% below the record export level seen in 2009, yet beef imports by Vietnam are expected to increase in 2010.
US beef exports to South Korea during the first two months of the year were 7% below year-earlier levels. However, this market is positioned to demonstrate substantial growth throughout the remainder of 2010 as misconceptions about the safety of US beef are subsiding and Korean consumer confidence in US beef is restored. Korea was one of the top importers of US beef before the discovery of the first mad cow disease case in 2003. The US has yet to recover half of the volume of beef exports to Korea seen prior to 2004.
Although beef exports to Japan are more tempered than US exporters would like— given the country's ban on beef from cattle over 20 months of age—US exports to Japan for January and February demonstrated a 34% increase on-year. Continued economic recovery in Japan and subsequent consumption gains should serve as a driver for increased exports of US beef to the country.
In addition, Russian demand for US beef in 2010 may also increase with some of its prominent suppliers, including South America and Australia, in relatively short supply of beef. However, growth will likely be limited by Russia's quota of 21,700 tonnes product weight on beef imports from the US.
