U.S. beef exports posted strong gains in 2011. Total beef exports were 2.79 billion pounds, 21 percent higher than the previous year’s totals. The strongest gains were to Russia (+85 percent) South Korea (+37 percent), Japan (+30 percent), Canada (+27 percent), and Hong Kong (+21 percent). Canada and Mexico, however, were the top beef export destinations for the United States. Japan and Korea were the third and fourth export destinations for U.S. beef, respectively. Together, these four countries imported 65 percent of total U.S. beef exports. Beef exports in 2011 were also 11 percent higher than pre-BSE export levels; however, exports to Japan and South Korea were only 50 and 65 percent of pre-BSE levels (2003), respectively.
U.S. beef exports for 2012 are forecast at 2.76 billion pounds, fractionally below 2011 levels. Bullish market conditions for the beef export market are expected to continue in 2012, driven by several factors: slow growth in worldwide cattle inventories, relatively stronger economic growth in Asian countries, and favorable exchange rates for foreign purchasers.
Source: USDA.