Superlative 10 Export Markets for U.Due south. Beef

(values in million USD)
Country 2017 2018 2019 2020 2021 2020-2021 % Change 2017-2021 Boilerplate
Republic of korea 1,220 1,746 1,843 1,714 two,383 39% i,781
Japan 1,889 2,102 1,950 1,940 2,376 22% 2,052
China 31 61 86 311 1,592 413% 416
Mexico 979 1,058 ane,107 853 1,058 24% one,011
Canada 791 745 654 727 773 half-dozen% 738
Taiwan 409 552 568 552 668 21% 550
Hong Kong 884 964 746 666 500 -25% 752
European union-27 251 228 192 150 167 11% 198
Indonesia 54 62 85 72 118 65% 78
Chile 66 64 68 51 95 87% 69
All Others 690 774 795 603 847 40% 742
Full Exported 7,263 8,357 8,094 7,638 10,576 38% 8,386

Source: U.South. Demography Bureau Trade Data - BICO HS-10

Highlights

In 2021, the value of U.S. beef and beef product exports increased 38 percent over 2020, to a record value of $10.vi billion. Robust demand from China and, to a lesser extent, other East Asian economies contributed to the expansion in U.Southward. beef exports. Exports to Japan valued at $2.iv billion, Republic of korea at $2.4 billion, and China at $1.half-dozen billion deemed for lx pct of total U.S. export sales. South korea became the top destination for U.S. beefiness exports on a value footing where growth in the retail sector has largely driven demand for beef. Exports of U.South. beef to Mainland china continued to increment in the 2nd year after China's removal of sure marketplace access barriers, and amid college incomes in China'southward second and third tier cities. Specifically, ascent incomes led to more than need for high quality grain-fed beefiness, thus helping to increase U.S. market place share by value in People's republic of china from 2 pct in 2020 to 11 percent in 2021. Although Commonwealth of australia is the top U.Due south. competitor for loftier quality grain-fed beefiness, the ongoing furnishings from Australia's ii-year drought in 2018-2019, coupled with political issues betwixt Canberra and Beijing have decreased Australian competition—thereby expanding opportunities for U.S. exports. Overall, beef exports accounted for 11 pct of U.South. domestic production. In 2021, the U.s. was the world's largest beef producer, 2nd-largest importer, and second-largest exporter by volume.

Drivers

  • The United states of america - Korea Costless Trade Agreement (KORUS) continued to benefit U.South. beef exporters past lowering the tariff charge per unit to ten.6 pct. Prior to KORUS, tariffs on U.South. beefiness imports were every bit high every bit 40 percent.
  • Beef prices increased dramatically through the middle of 2021 due to supply-side problems and firm need which increased the value of exports.
  • Exports of U.S. beef to Prc continued to abound in the second twelvemonth subsequently China's removal of sure market place access barriers. U.S. beef exports amounted to half dozen percent of People's republic of china's total imports on a volume footing and 11 percentage by value.
  • Exports to United mexican states recovered from pandemic-related lows in 2020, although they take not returned to pre-pandemic levels. On a value footing, Mexico ranked 4th while becoming the largest destination past volume for beef diverseness meat exports.
  • Total beefiness and beef product exports to the Philippines and Indonesia remained business firm in 2021 equally the Philippines relaxed some COVID-19 restrictions. Withal, U.S. exports are still below pre-pandemic levels.
  • U.Southward. exports to Indonesia reached tape levels due to strong demand for beef variety meat, which made up 45 percent of U.Due south. exports.
  • U.Southward. exports to Latin America and the Caribbean were also potent. The Dominican Commonwealth-Central America Free Merchandise Agreement (CAFTA-DR) phased out import duties on beef which led to records in both value ($137.iii million) and volume (xx,991 metric tons) while Colombia, Republic of chile, and Peru registered record value and volume growth.

Global Beef Exports

Stacked bar graph showing global beef exports in 2021. The top three exporters are the U.S. Brazil, and Australia.

Looking Alee

For 2022, U.S. beef exports are forecast to decline slightly. Australia, a major competitor in high-quality beef exports, is expected to amend its domestic supply this year and create headwinds for U.S. exports to Asia. Furthermore, Brazil and Argentina will resume beefiness exports to China in 2022 after they experienced a series of disruptions in 2021. Mainland china suspended imports from Brazil between September and Dec because of an atypical Bovine spongiform encephalopathy case. Argentina imposed consign restrictions on certain beef cuts to curb inflation concerns. While Argentine republic continues to enforce some export controls, Brazil'due south reentry heralds more competition in frozen beef products in the tertiary most valuable U.South. consign marketplace. The U.Due south. cattle supply is besides declining due to cyclical trends and high feed prices. As COVID-19 conditions improve, demand from retail and hotel, eating place, and institutional sectors will increase. The combination of these factors, in addition to increased competition, lower production, and recovering demand, indicates a mixed outlook for U.South. beefiness exports in 2022. While the United States is projected to maintain its position as the world'southward 2d-largest exporter, it will exist hard for exporters to surpass 2021'south numbers.

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