U.S. Beef Exports Hit Record High in February

WASHINGTON, DC – U.S. beef exports climbed 21 percent higher in February 2020 according to USDA’s World Agricultural Outlook Board’s Livestock, Dairy, and Poultry Outlook. Bolstered by robust shipments to Japan and South Korea, U.S beef exports in February were a record high for the month. Exports to Japan and South Korea accounted for over half of U.S. total beef exports in February. Beef exports to Canada, Taiwan, and Vietnam were also noticeably higher and contributed to the overall year-over-year U.S. growth. Conversely, there were a few major markets in which less beef was exported in February 2020 than in the previous February. Exports to Hong Kong in February were 26 percent less than a year ago, the lowest beef export to Hong Kong since 2012. Exports to Mexico were 8 percent lower than last year. Weakness in the Mexican economy and the peso likely limited Mexico’s imports. The 2020 beef export forecast for the first quarter was unchanged at 735 million pounds. However, the forecasts for the second, third, and fourth quarters were lowered. The forecast was reduced partly due to global economic weakness and the relative strength in the U.S dollar.