US Beef Exports to East Asia Continue on Record Pace

U.S. beef exports to East Asia are on a record-setting pace for the second consecutive year, USDA’s Foreign Agricultural Service said in a Dec. 27 report. The exports, “both in value and volume, were outstanding” during the first half of 2022, the report said. From January through September, exports to South Korea, Japan, China, Hong Kong, Taiwan and other regions in East Asia reached $6.6 billion, an increase from last year’s $5.4 billion, the report said. The agency said “higher-volume shipments indicate a continued demand for beef products,” and “East Asia’s relatively stable middle class with high disposable household income has been willing to absorb the rising costs.”

USDA said it expects East Asian beef demand to remain steady next year. “Despite economic shocks and uncertainties during the last several years, no strong indicators suggest the softer global economic environment has weakened beef demand in East Asia.” The agency said “most successful companies will adopt their marketing strategies” to reflect East Asia’s consumption and retail trends.