July 28, 2008
US beef rebounds with increased exports
US beef exports for May notched a volume of 75,971 tonnes cwt, a 32-percent increase from the same time last year, according to figures from USDA.
From January to May this year, US beef exports have shot up 24 percent from 2007 to 300,703 tonnes cwt, aided by increased shipments to Mexico, Canada and Japan.
Mexico is still the biggest buyer despite dumping duties charged on US beef, with 120,500 tonnes cwt shipped from January to May 2008. This is a 12-percent jump as compared to last year.
Japan and Canada increased imports of US beef by 45 percent to 35,156 tonnes and 49 percent to 71,541 tonnes respectively.
Exports to Japan was the highest since the market re-opened in mid-2006, with volumes reaching 11,254 tonnes cwt in May, up 60 percent on a year before.
South Korea's recent lifting of a US beef ban is expected to push up figures even further in H2.
USDA predicts US beef exports to increase by 19% in 2008 to 771,107 tonnes cwt, with a further 11% jump predicted in 2009, to 857,290 tonnes cwt, due to rising global demand for protein and a weak US dollar.