by Keith Good, University of Illinois’ farmdoc project
In a report yesterday from USDA’s Foreign Agricultural Service (FAS), “U.S. Beef Exports to East Asia on Record Pace,” Ivan Lee indicated that, “U.S. beef exports to East Asia in 2022 are again on record pace after a record year in 2021.
Despite economic uncertainties due to the COVID-19 pandemic, continued global supply chain challenges, and a competitive global beef market, U.S. beef exports to East Asia, both in value and volume, were outstanding in the first half of 2022.
East Asia’s relatively robust middle class has supported the
demand for high-quality beef, and a developed e-commerce retail sector has provided flexible avenues for suppliers to promote beef products during the pandemic.”
Lee explained that, “East Asia is the top regional market destination for U.S. beef exports. During the first three quarters of 2022 (January – September 2022), U.S. beef exports to East Asia, including the Republic of Korea (South Korea), Japan, China/Hong Kong, and Taiwan, were a record $6.6 billion, exceeding last year’s exports of $5.4 billion, a 22 percent increase on a value basis.
“On a volume basis, exports were up 6.4 percent. Despite surging food prices in recent months, higher-volume shipments indicate a continued demand for beef products and that East Asia’s relatively stable middle class with high disposable household income has been willing to absorb the rising costs.”
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