Demand for beef, pork, and lamb proved strong in Q1, according to the U.S. Meat Export Federation (USMEF).
Beef exports showed great momentum, reaching $3 billion in Q1 according to data released by the USDA and complied by USMEF. Top markets included Korea, Japan and China/Hong Kong, while a strong demand in Latin America and a rebound in the Middle East played key roles.
Halstrom cautions on slowing China exports. “The full impact of what’s happening in China with the COVID lockdowns most definitely is not reflected yet,” he says. Halstrom expects to see those numbers reflected in April and May.
China has continued to be a key player. However, with an upwards of eight countries driving overall global record growth, beef exports are not dependent on any one country, Halstrom explains.
According to USMEF vice president of economic analysis, Erin Borror, beef exports added an extra $474.10 per head in value to fed, slaughter cattle in Q1, increasing $138.65 from the same time last year.
Pork exports saw the largest month since November 2021, though well below record totals from March of last year.
Mexico and the Dominican Republic continue on record pace in Q1, however China lags behind.
“We’re down quite a bit in China on pork. We knew we would be, we totally expected it as they rebuild their herds there,” Halstrom explains.
Halstrom remains positive as China’s downturn is offset by other markets, especially with strong numbers from the Caribbean, Latin America and South Korea, which showed a significant increase fueled in part by Korea’s growing demand for chilled U.S. pork.
For Q1, pork exports added an extra $54.18 per head slaughtered, down $5.91 from the same time last year, Borror says.
In addition to strength in beef and pork, lamb posted its third largest volume on record and the highest value in nearly eight years led by Mexico and growth in the Caribbean, due to the rebound in food service demand.
