The latest trade figures from October show some interesting changes in how the U.S. is trading beef. Beef exports dropped a little by 0.3% compared to last year in October, and for the first ten months of 2024, they are down 2.6% overall. On the other hand, beef imports jumped significantly by 35.2% in October, bringing the total imports for the year up by 22.5%.
Japan is back on top as the biggest buyer of U.S. beef, maintaining a steady 21.8% of all exports, the same as last year. South Korea, which was the leading buyer last year, has fallen to second place with an 8.8% drop in exports. The combined market of China and Hong Kong ranks third, with an 18.7% share but a 7.8% decrease in exports. Meanwhile, Mexico is becoming a faster-growing market, with a 9.8% increase in exports and an increasing share of 11.4%. However, exports to Canada are down by 7.2% this year.
Looking at imports, Australia has taken the lead as the top source of beef for the U.S., with a huge increase of 69.4% in shipments. Canada, which used to be the main supplier, is now in second place, with imports up just 1.3%. Brazil comes in third with a 52.0% rise, and New Zealand is fourth with a 6.3% increase. Mexico, despite being an important source, has seen a drop of 11.7% in beef imports.
One important reason for the rise in beef imports is a 12.8% decline in nonfed beef production due to fewer cows being slaughtered. To meet the demand for processed products like hamburgers, the U.S. has increased its imports, especially of lean beef.
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