U.S. beef exports continued at a strong pace in July but slowed with year-over-year export volumes lower for the first time this year. That’s according to the latest data from the U.S. Meat Export Federation (USMEF).
Although July export value was steady $621.7 million, volume for the month was 15% less compared to the previous July’s heady pace. For January through July, export volume is 4% higher than the previous year with value 13% more.
January-July beef exports equated to 14% of total production and 11% for muscle cuts, according to USMEF. Export value per head of fed slaughter was $298.56 in July, which was down slightly from the June record but still $25 higher year-over-year. For January-July, export value per head was $272.70, up $31.25.
“Demand for U.S. beef in Asian markets has continued to strengthen this year, adding further value to cuts that are popular there and underutilized domestically,” says Philip Seng, USMEF president and CEO. “With our limited supplies, competition for these cuts among Asian buyers contributes greatly to U.S. cattle prices. USMEF continues to work with our industry partners to educate the trade about alternative cuts and merchandising ideas, so that we can deliver value to our Asian customers even in these times of historically tight supplies.”
Other BEEF stories to enjoy: