WASHINGTON, DC – In 2020, the value of U.S. beef & beef product exports contracted 5.5 percent year-over-year, largely due to supply chain constraints and food service struggles in the wake of the COVID-19 pandemic. Japan at $1.9 billion, South Korea at $1.7 billion, and Mexico at $853 million accounted for 59 percent of total U.S. sales. Mexico’s beef imports from the United States decreased due to its economic slowdown and an unfavorable exchange rate relative to the U.S. dollar. U.S. exports to Japan, the No. 1 market, remained flat from the previous year. The effects of additional exports to Japan early in 2020 were negated by a drastic decline in the second quarter after COVID-19 became more widespread. According to a USDA report, exports of U.S. beef to China increased due to China’s removal of market access barriers pursuant to the Phase One Agreement and strong meat demand in China due to reduced domestic pork supplies. Overall, exports accounted for 11 percent of U.S. domestic production. The United States was the world’s largest beef producer, second-largest importer, and third-largest exporter by volume. By 2021, U.S. beef & beef product exports are forecast to rebound on a volume basis with the global economic recovery and relaxed pandemic measures spurring demand in most markets.
(SOURCE: All Ag News)