Last Updated On: November 22, 2024

U.S. Beef Trade in 2024: A Closer Look at Exports and Imports

The U.S. beef industry showed mixed performance in international trade during the first nine months of 2024. While exports made modest gains, imports surged significantly, reflecting shifts in global supply and demand.

Beef Exports: Modest Recovery with Regional Variations

Total beef exports increased 3.6% year-over-year in September, narrowing the year-to-date decline to 2.9%. Japan, the largest export market, rose 8.4% in September and 0.6% for the year.

South Korea, the second-largest market, experienced a 5.9% uptick in September but remained 10.3% lower year-to-date.

Exports to China/Hong Kong dropped 12.3% in September and 10.2% for the year, while Mexico saw an 11.2% increase in September and 10.9% growth year-to-date. Canada, ranking fifth, faced a 16.6% decline in September, contributing to a 5.5% dip for the year.

Beef Imports: A Notable Surge

U.S. beef imports grew by 23.0% year-over-year in September, with a cumulative 21.1% increase for 2024. Canada maintained its top spot as a source, with imports up 2.7% year-to-date.

Australia experienced a sharp rise, with imports up 60.0% in September and 68.4% for the year. Brazil followed with an 87.4% increase in September and a 44.9% rise year-to-date, moving up to the third-largest supplier.

Meanwhile, New Zealand and Mexico saw mixed results, with year-to-date imports from New Zealand up 6.2% and Mexico down 13.4%.

Market Dynamics and Future Outlook

The increase in imports reflects strong demand for lean trimmings to complement U.S.-fed cattle, catering to the growing ground beef market.

However, challenges remain, including fluctuating export performance in key markets like South Korea and China.

As the industry navigates evolving trade landscapes, maintaining a balance in exports and imports will be essential to supporting domestic producers and meeting consumer demand.

Dive deeper into the U.S. beef trade trends shaping 2024. Visit our homepage for a comprehensive analysis of exports and imports.

About the author

Timothy Woods

CEO / Co-Founder

[email protected]

Certifications: Certified Chef de Cuisine (CCC), George Mason University (GMU)

Education: Jacksonville University

Lives in: Jacksonville, Florida

Timothy is a professional chef and the main man behind Carnivore Style. He’s an advocate of the carnivore diet, an athlete, and a pure health enthusiast.

Timothy believes that a good steak is a great conversation starter, and his love for food eventually brought him to start Carnivore Style, a website designed for meat lovers and all things meat-related.