Beef exports set record value in March

Beef exports set record value in March

The latest monthly export figures show that beef continues to experience export growth. Erin Borror, vice president of economic analysis at the US Meat Export Federation, said beef hit a new high in value in March, with more than $1 billion in beef exports shipped…

“It was on a value basis, up a third year over year. So for a bit of context, we’ve seen these beef prices, including for export items, accelerating since April-May a year ago. So we’re going to get into some tougher year-over-year comparisons, especially from the middle of this year. But yeah, every month continues to be impressive, and it exports a larger share of production and fairly widespread growth.”

While China, including Hong Kong, continues to be big winners, the market is still grappling with setbacks in China due to COVID…

“Maybe it slowed down our growth a bit for the whole year given the situation mainly in Shanghai but in other cities, and of course the concerns about Beijing. Especially if there is a case of COVID, there are great challenges moving product, not to mention demand impacts with food service restrictions. But this can’t last forever, and we know there’s always demand in this market.

Lots to think about. Again, it’s Erin Borror, the US Meat Export Federation’s vice president for economic analysis.