U.S. beef exports soared to another new value record in March, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
Article continues below
March pork exports were the largest so far this year but well below the record-large totals posted in March 2021.
Lamb exports continued to gain momentum in March, reaching the third largest monthly volume on record and the highest value in nearly eight years.
Beef exports totaled 126,285 metric tons (mt) in March, up 1% from a year ago and the third largest on record, while value climbed 33% to a record $1.07 billion. First quarter exports increased 6% to 353,852 mt, valued at just over $3 billion (up 41%).
March pork exports were 222,581 mt, the largest since November but nearly 25% below the record volume achieved a year ago.
Export value was $615.3 million, also the highest since November but down 23% year-over-year. First quarter pork exports fell 20% from a year ago to 629,928 mt, valued at $1.71 billion (down 17%).
March beef exports to leading market South Korea totaled 26,834 mt, up 11% from a year ago, valued at $278.3 million – up 58% and the second highest on record, trailing only the record total ($316.4 million) posted in January.
First quarter exports to Korea were 75,445 mt, up 9% from a year ago, while export value climbed 57% to $792.6 million. Export growth to Korea has been largely driven by soaring retail demand, but the foodservice climate received a boost in April as Korea removed all COVID-related limits on restaurant operating hours and lifted most social distancing restrictions on consumers.
Following a similar course, Japan recently lifted the COVID quasi-state of emergency that was in place in 18 of the country’s 47 prefectures. March beef exports to Japan were 25,690 mt, down 10% from a year ago, but value still increased 17% to $212.6 million. First quarter exports to Japan climbed 22% in value to $594.2 million, despite a 4% decline in volume (72,179 mt).
With direct exports to China setting a new record, March beef exports to China/Hong Kong reached 22,745 mt, up 11% from a year ago, valued at $207.7 million (up 26%). This pushed first quarter export volume to 62,237 mt, up 36% year-over-year, while value climbed 59% to $582.4 million. ■