October beef exports totaled 125,466 metric tons (mt), up 8% from a year ago. Export value was $929.8 million, down 3% from the large total reported in October 2021. In the first 10 months of 2022, beef export value increased 18% from last year’s record pace to reach $10.05 billion — topping $10 billion in a single year for only the second time. January-October export volume was 1.25 million mt, up 4% from a year ago.

“The October results were remarkable considering the headwinds facing U.S. beef, especially in our large Asian markets,” U.S. Meat Export Federation (USMEF) President and CEO Dan Halstrom said. “Key currencies, such as the Japanese yen and Korean won had sunk to their lowest levels in decades versus the U.S. dollar, which obviously affected importers’ buying power. COVID lockdowns in China were also a concerning factor, especially for buyers in the foodservice sector. But despite all that, U.S. beef still performed very well in Asia and achieved solid growth in North America and the Middle East. With some recent improvement in exchange rates, beef exports are well-positioned to surpass last year’s records.”

Demand for U.S. beef in China/Hong Kong remained resilient in October, increasing significantly from a year ago despite China’s COVID-related travel restrictions and periodic lockdowns in several major metropolitan areas. China/Hong Kong was the leading destination for U.S. beef in October at 26,170 mt, up 21% from a year ago, while value climbed 19% to $240.8 million. January-October exports to the region increased 23% to 243,198 mt, while value was up 32% to $2.23 billion. China/Hong Kong is now the second-highest value destination for U.S. beef, trailing only South Korea. It is the third-largest volume market behind Japan and Korea, trailing Korea by less than 1,000 mt.

Despite a very weak month for the Korean won, October beef export volume to Korea increased 10% from a year ago to 24,183 mt. However, export value definitely reflected the exchange rate pinch, declining 6% to $199.4 million. Through October, exports to Korea were 4% above last year’s record pace at 244,052 mt, while value was 20% higher at $2.32 billion — just short of the full-year record ($2.38 billion) reached in 2021. While the won has strengthened to some degree since October, the economic situation in Korea remains fragile. During the last week of November and into December, Korean businesses have dealt with a nationwide trucker strike that has slowed cargo movement and created significant supply chain disruptions.

October beef exports followed a similar pattern in Japan, where the yen was also in a deep slump vs. the U.S. dollar. Shipments to Japan totaled 23,600 mt, up slightly from a year ago, but export value sank 18% to $163.4 million. Beef variety meat exports (mainly tongues and skirts), which had declined sharply in August and September, rebounded to 4,492 mt (up 12%) but remained lower than a year ago in value ($40.9 million, down 12%).

Despite a significant decline in 2022 export volume (46,141 mt through October, down 13%), Japan is still the leading value destination for U.S. beef variety meat exports at $462 million — an increase of 19% over last year’s record pace. Through October, beef and beef variety meat exports to Japan totaled 260,318 mt, down 4% from a year ago, while export value increased 5% to just more than $2 billion.

October beef export value equated to $424.82 per head of fed slaughter, down 3% from a year ago, but the January-October average was still up 17% to $459.50. Exports accounted for 15.3% of total October beef production and 13.1% for muscle cuts only, up from 14.3% and 12.4%, respectively, in October 2021. The January-October ratios were a record high at 15.4% and 13.2%. These were up from 15% and 12.8%, respectively, a year ago.

Complete January-October export results for U.S. pork, beef and lamb are available from USMEF’s statistics web page: https://www.usmef.org/news-statistics/statistics/.

Editor’s note: Joe Schuele is vice president of communications for USMEF. Lead photo by Getty Images.