U.S. Beef Trade Dynamics Shift in 2024

By Scout Nelson

The U.S. beef trade experienced notable changes in 2024, with imports increasing sharply and exports experiencing a slight decline, according to the USDA Economic Research Service. This shift comes amidst various economic factors, including fluctuating beef prices and production levels.

In 2024, the United States imported approximately 4.6 billion pounds of beef, marking a 24% increase from the previous year. This surge set a new record, surpassing the typical range of 3.0 to 3.5 billion pounds seen in recent years. Australia emerged as the largest supplier, accounting for 24% of U.S. beef imports, with a remarkable 67% increase from 2023. Similarly, beef imports from Brazil saw a significant rise of 61%.

Conversely, U.S. beef exports saw a modest reduction, totaling 3.03 billion pounds, down 1% from 2023. Despite the decrease in volume, the value of these exports rose to over $9 billion, a 5% increase attributed to higher beef prices. The primary markets for U.S. beef included Japan, South Korea, and China, with Japan and Taiwan slightly increasing their purchases while South Korea, China, and Canada reduced their orders.

The decline in exports and the rise in imports can be attributed to declining U.S. beef production, influenced by lower cattle numbers and reduced beef output. Additionally, a stronger U.S. dollar and higher domestic beef prices made U.S. beef less competitive abroad but increased the attractiveness of imported beef due to strong consumer demand within the U.S.

Looking ahead, the USDA projects a continuation of these trends, with beef exports expected to decline by 7% and imports to grow by 3% in the coming year. Early trade figures from January align with these projections, showing a continued preference for imported beef amid ongoing production declines.

This shift in the U.S. beef trade underscores the complex interplay of economic forces and consumer preferences that shape the agricultural market, emphasizing the need for adaptive strategies in the beef industry to balance supply and demand effectively.

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