(Denver) The January 2024 Beef export statistics were released late last week by USDA, and we are starting the year off with a global export volume of 99,764 metric tons, which is down just 1 % from last year but represents a value of $764 Million which is an increase of 9 %. This represented $360 per fed head slaughtered, an increase of $29 per fed head slaughtered compared to January 2023. This is an extension of momentum from late 2023.
*Mexico continues the momentum from 2023 with a January export volume of 20,111 Metric Tons (a Growth of 15% over 2023) and a January export value of $113 Million (19 % over 2023). Mexico was the # 1 destination for beef Variety Meat exports in January, with 10,225 metric tons exported and a growth of 15 % over 2023. This, combined with robust retail demand and recovering food service demand, has increased demand despite higher beef prices.
*While Asia continues to struggle in Japan with the powerful USD, South Korea had a good month in January, with volume steady compared to last year. Still, the value exported was $ 171 million, which represented a growth of 13%. Korea is beginning to show a significant rebound in the food service sector, contributing to this growth and is a good sign as we head into 2024. Japan and Taiwan have also shown rebounding food service growth driven by a rebound in tourism and business travel. China is the outlier, with a highly sluggish food service environment and continued conservative spending in a challenging economic climate.
*Central America continues to grow in all countries, with January’s regional volume growth of 9 %.
*The Caribbean saw 15% growth in January, with 2,684 metric tons exported as tourism and food service continued to boom.
*The Middle East region had a strong month in January with exports of 4,869 metric tons, representing growth of 68 % over 2023, led by Egypt. While this is encouraging, Egypt continues to have a very challenging economic situation, which will hopefully be bolstered by IMF relief, which could lead to some increased economic stability in 2024.
*Other markets showing growth in January included Peru, Gabon, and Hong Kong.
*USMEF continues to work with the global trade to maximize the value of the carcass, especially regarding the Round Primal, Chuck Primal, and Beef Variety Meats.