Beef exports from the United States declined in May 2023, while imports showed a slight increase. According to the latest beef trade dataset released by USDA ERS, exports fell by 16.5% compared to the same period in 2022. Imports, on the other hand, rose by 5.6%.
South Korea emerged as the top destination for U.S. beef exports in May 2023, accounting for 24.1% of the total exports. Japan, China, Canada, Mexico, and Taiwan followed as the other top export markets. However, exports to Japan witnessed the most significant decrease, down by 37.3% compared to the same period in 2022.
Among beef imports, Canada and Mexico were the leading sources, constituting 23.9% and 19.9% of total imports, respectively. New Zealand, Australia, and Brazil rounded out the top five importers. Notably, imports from Australia experienced a substantial increase in 2023, rising by 24% through May compared to the previous year.
During the first five months of 2023, beef exports fell by 10.8%, and imports decreased slightly by 0.6%. Several factors contributed to the lower exports, including tighter cattle and beef production in the U.S. and higher prices. Additionally, the strength of the U.S. dollar relative to other currencies impacted export volumes as U.S. beef became relatively more expensive for trading partners.
Despite the overall decline in exports, Mexico was an exception, experiencing an increase in U.S. beef imports due to the appreciation of the Mexican peso against the U.S. dollar. Among the top six export destinations, Mexico was the only country to witness export growth in 2023.
Photo Credit: gettyimages-pamwalker68
Categories: Ohio, Livestock, Beef Cattle