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US beef export pushing record pace through 3Q21

US beef export is on a record pace through September, according to data released by USDA and compiled by the US Meat Export Federation (USMEF).

Beef exports posted one of the best months on record in September, with value climbing nearly 60% above last year. It continued to soar in September at 123,628 metric tons (mt), up 20% from a year ago and the fourth largest volume of the post-BSE era. Export value jumped 59% to $954.1 million – the second highest month on record, trailing only August 2021.

For the first three quarters of 2021, beef exports increased 18% from a year ago to 1.08 million mt, valued at $7.58 billion – up more than $2 billion (36%) from the same period last year. Compared to the record year of 2018, January-September exports were 7% higher in volume and up 24% in value.

Beef exports on pace to top $2 billion in three Asian markets

China has been a major source of growth for U.S. beef exports in 2021, with exports through September climbing 672% from a year ago to 138,041 mt, while export value was up 761% to $1.12 billion. Combined exports to China and Hong Kong were up 131% through September at 176,694 mt, valued at $1.49 billion – already shattering the previous value record of $1.15 billion set in 2014.

Source: TheCattleSite News Desk