Derrell S. Peel, Oklahoma State University
The latest trade data for October continued recent trends in international beef trade. October beef exports were down just 0.3 percent year over year with the year-to-date total for the first ten months of the year down 2.6 percent (Figure 1). October beef imports were up 35.2 percent year over year in October with a January – October total up 22.5 percent over last year.
Japan has moved back into the top spot as the number one beef export market thus far in 2024, with a ten-month total unchanged from a year ago and a 21.8 percent share of total beef exports. Following closely is South Korea, in second place this year (down from number one last year), with a year-to-date total down 8.8 percent from last year and a 20.5 percent share of total beef exports. The combined China/Hong Kong market is number three, down 7.8 percent year over year thus far in 2024 and holding an 18.7 percent share of the beef export total. Mexico continues to show the strongest growth in major export markets with beef exports up 9.8 percent year over year thus far and an increasing 11.4 percent share. Number five Canada is down 7.2 percent in 2024 with an 8.5 percent share of beef exports. Taiwan is the number six beef export market with a year-to-date total down 2.6 percent and a 6.4 percent beef export share.
Australia has regained the top spot as a source of U.S. beef imports, with a ten-month total up a whopping 69.4 percent and a 22.7 percent share of the import total. Australia has not been the top beef import source for the U.S. since 2016. Canada has dropped to second place with a total thus far in 2024 up 1.3 percent and a 21.8 percent share. Brazil is the number three source of beef imports, up 52.0 percent thus far in the year and a 15.6 percent share of the import total. New Zealand is the fourth largest source of beef imports with a total through October up 6.3 percent year over year and a 13.0 percent share of total imports. Mexico is the fifth largest source of beef imports and is down 11.7 percent year over year with a 12.9 percent share of Beef imports. Uruguay is the number six beef import source, up 65.4 percent year over year and a 6.3 percent share of the total.
Canada and Mexico are both strong bilateral beef trade partners but are moving in opposite directions. Beef imports from Canada continue to grow and exports decline year over year while Mexico has decreased as an import source with beef exports to Mexico increasing this year and in 2023 from a recent low in 2022.
The sharp jump in total beef imports this year is in response to a 12.8 percent year over year decrease in nonfed beef production resulting from a 15.9 percent year over year decrease in cow slaughter through late November. Much of beef imports supply lean processing beef for hamburger and other processed beef products.
