Where’s the Beef Trade?

Governor Pillen proclaimed May as “Beef Month” highlighting the importance of the beef industry to the state economy. Appropriately so—cattle outnumber people in Nebraska and receipts from cattle sales typically top $11 billion. The fact that Nebraska consistently ranks as the top beef exporter among states is evidence of the sector’s importance. In 2021, Nebraska’s beef exports amounted to $1.64 billion, 15 percent of total U.S. exports.

In honor of “Beef Month” Tidbits this week explores global beef trade using the latest data and projections from the USDA Foreign Agricultural Service (FAS) quarterly report, Livestock and Poultry: World Markets and Trade. According to the FAS, global beef exports have grown since 2017 from 10 million metric tons (mmt) to just over 12 million last year. And the growth is projected to continue in 2023 rising slightly to 12.07 mmt. Figure 2 shows the projected shares of the top beef exporting countries. Brazil is the world’s largest beef exporting country, capturing 25 percent of the market. 

The U.S., Australia, and India follow, each with approximately 12 percent of the market. U.S. beef exports are expected to decline in 2023 compared to last year due to declining beef production. The Daily Livestock Report recently noted that outstanding U.S. sales of beef are 36 percent less than a year ago, although it should be remembered last year’s exports were a record high. The decline is expected to drop the U.S. from the second to third-largest beet exporter behind India. Other large beef exporting countries include Argentina and New Zealand.