U.S. beef exports generated higher value in June despite a slight decline in overall volume, as strong demand in markets including Taiwan and Latin America helped offset lower shipments to China.
According to the U.S. Meat Export Federation, June beef exports were valued at $790 million.
USMEF President and CEO Dan Halstrom said Taiwan continues to be an important value market for U.S. beef. While strong Taiwanese demand is not new, he said buyers are increasingly utilizing a broader range of beef cuts.
“Demand for beef being strong in Taiwan is not a new thing, but what is new is this continued demand for some of the less utilized cuts,” Halstrom said.
Those products include rounds, chuck rolls and short plates, helping U.S. exporters generate additional value from the carcass.
Latin America is also contributing to export demand, with Halstrom highlighting the Dominican Republic as a growing destination for U.S. beef.
The country’s tourism industry remains a significant source of demand, but Halstrom said U.S. beef is also gaining a larger foothold in the Dominican Republic’s expanding modern retail sector.
“Everyone knows they have a tourism industry which continues to be strong, but the part that a lot of people may not realize is that we're starting to get a bigger and bigger foothold in the growing modern retail sector,” Halstrom said.
USMEF said the latest figures demonstrate the importance of diversifying international markets for U.S. beef.
Reduced business with China has contributed to lower overall export volume. However, the increase in export value despite that decline indicates stronger returns are being generated through other markets and a broader mix of products.
USMEF says developing demand for underutilized cuts is especially important because exports can increase the value of products that may have less demand in the domestic market.
The June results suggest continued market diversification in Taiwan, Latin America and other destinations is helping the U.S. beef industry maintain export value even as the mix of major international customers changes.