US breaks beef export record to East Asia

US beef exports to East Asia in 2022 broke the record reached last year, both in volume and value, according to a report by the country’s Department of Agriculture (USDA).

“East Asia’s relatively robust middle class has supported demand for high-quality beef, and a developed e-commerce retail sector has provided flexible avenues for suppliers to promote beef products during the pandemic,” the agency said.

East Asia (South Korea, Japan, China/Hong Kong, and Taiwan, mainly) is the leading destination for US beef.

According to the USDA, exports between January and September reached US$ 6.6 billion, surpassing the previous record set in the same period of 2011 with US$ 5.4 billion, an increase of 22%. In volume, the increase was 6.4% over the same period.

Unlike in other East Asian economies, where the United States and Australia are the two leading suppliers, in China/Hong Kong, the United States competes with several South American suppliers, namely Brazil, Argentina, and Uruguay.

“Despite recent economic shocks and uncertainties, no strong indicators suggest that the softer global economic environment has weakened demand for beef in East Asia,” read the outlook note for next year.

“Even with disruptions to the US fresh or refrigerated beef supply chain, longer shipping times, and higher costs, import demand for beef products is expected to remain stable,” the USDA concluded.

Source: Dinheiro Rural

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