Domestic Beef Exports to South Korea Breaking Records

(DENVER, CO) South Korea continues to be the growth pacesetter for U.S. beef exports as July volume exceeded 25 thousand metric tons, a six percent year over year increase. According to the U.S. Meat Export Federation (USMEF), this includes more than 24 thousand metric tons of beef muscle cuts (a six percent increase), setting a new monthly volume record. Export values were more than $181 million, which was a seven percent year over year increase and broke the record set the previous month. For January through July, beef exports to Korea have grown 11 percent in volume and export value ($1.1 billion) is 14 percent higher. Mexico is the third-largest market for U.S. beef exports and the largest destination for variety meats. Though export volume was modestly lower through July (down two percent), value increased six percent to $635 million. Variety meat items are commanding better prices with Tripe, for example, increased 25 percent in value despite a three percent decline in volume. Surprisingly, in spite of a 37 percent tariff, July beef exports to China were the largest (903 metric tons) since the market reopened in 2017. Year to date, exports are 15 percent higher than a year ago in volume and four percent in value ($37.8 million), though the U.S. still accounts for less than one percent of China’s booming beef imports.