Beef – It’s For Trading

The USDA Economic Research Service reported U.S. beef sales overseas equaled 3.03 billion pounds in 2024, down 1% from 2023 (Figure 1). However, the value of those exports was over $9 billion, a year-over-year increase of about 5% due to higher prices. At the same time, U.S. beef imports equaled 4.6 billion pounds, soaring 24% compared to 2023. Figure 1 shows the history of U.S. beef trade by volume since 2000. Imports reached a record high last year after having ranged between 3.0-3.5 billion pounds in recent years. Exports grew steadily over time to reach just over 3.5 billion pounds in 2022 before falling off the past two years due to declining cattle numbers and beef production. The U.S. typically exports high-value, muscle cuts and imports trimmings intended for ground beef.

The top purchasers of U.S. beef last year were Japan, 641 million pounds, South Korea, 630 million pounds, and China (excluding Hong Kong), 475 million pounds (Figure 2). The only countries purchasing more beef in 2024 compared to 2023 were Mexico (+8%) and Taiwan (+4%). Japan’s purchases were largely unchanged (+.03%) while South Korea, China, and Canada purchased less, all down -6%.

Australia, Canada, New Zealand, Mexico, and Brazil were the largest sources of beef imports (Figure 3). For the first time since 2016, Australia was the largest supplier of beef to the U.S. accounting for 24% of beef imports. Imports from Australia surged 67% in 2024 compared to 2023 while those from Brazil surged 61%. Imports from Canada and Mexico were either unchanged or down.