Beef exports remained on record pace in October, and talks with Japan are just beginning. Japan is the largest value destination for both U.S. beef and pork but the market is intensely competitive.
February beef exports declined 6% year-over-year to 94,885 mt while value was down 3% to $581.6 million.
U.S. beef exports set new records in August with export value topping $750 million for the first time.
Beef exports totaled 112,842 metric tons (mt) in November, up 1% from a year ago, while value climbed 6% to $709.2 million. At $7.63 billion, beef export value was up 16% and has broken the full-year record set in 2017.
Trade pacts could be a game changer for American beef.
Exports accounted for 13.7 percent of total beef production in September, reports U.S. Meat Export Federation.
In recent months the U.S. dollar has been gaining strength.
Japan’s Upper Court has approved the U.S.-Japan trade agreement, finalizing the deal that U.S. President Donald Trump and Japanese Prime Minster Shinzō Abe signed in October.