US February beef down 5.5% year-ago

February exports of US pork were moderately lower than a year ago, despite continued success in Mexico and Central America, according to data released by USDA and compiled by the US Meat Export Federation (USMEF). February beef exports were also below last year after trending higher in January, while lamb muscle cut exports posted a year-over-year increase for the fifth consecutive month.

Beef and variety beef exports totaled 98,198 mt in February, down 5.5% from a year ago, while value declined 4% to just over $800 million. February exports increased year-over year to South Korea, Canada, Egypt and the Philippines, and reached the highest value on record to Panama. Shipments were lower to Japan, China/Hong Kong and Mexico, though beef variety meat exports to Mexico increased.

January-February shipments were 1% below last year’s pace at 201,038 mt, but value increased 1% to $1.6 billion.

“It was encouraging to see beef exports to Korea trend higher despite considerable economic and political headwinds, and Canada’s demand for US beef has been very robust to start the year,” said USMEF President and CEO Dan Halstrom. “But exports to China lost momentum in February, likely due in part to the slowdown after Chinese New Year and the questions about plant eligibility. Unfortunately, China has still failed to address the issue of beef plant renewals. This impasse definitely hit our March beef shipments even harder, and the severe impact will continue until China lives up to its commitments under the Phase One Economic and Trade Agreement”.