The latest trade data shows March beef exports down 8.2 percent year over year and down 5.9 percent for the first quarter of 2024. This follows a 14.3 percent decrease year over year in 2023 beef exports. Japan is the largest market thus far in 2024 with exports down 5.1 percent year over year in March and down 10.8 percent in the first three months of the year. 

Beef exports are falling

Japan has a 22.7 share of total exports thus far in 2024. South Korea is the number two beef export market with a 21.8 percent share of the total. Beef exports to South Korea were down 13.7 percent in March and down 8.8 percent in the first quarter of the year. Beef exports to China/Hong Kong were down 8.2 percent in March and down 4.7 percent for the January- March period. China/Hong Kong is the third largest beef export market this year with an 18.6 percent share.

Mexico is the fourth largest beef export and the only major market growing in 2024. Beef exports to Mexico were down 5.3 percent in March but are up 11.7 percent year over year in the first quarter.  Mexico was the only major market with increased beef exports in 2023 as well. Canada is the number five beef export market with exports down 4.0 percent in March and down 2.7 for the first quarter of the year. Canada has a 7.8 percent share of total beef exports thus far in 2024. 

Taiwan is the sixth largest beef export market with a 5.1 percent share of the total in the first quarter.  Beef exports to Taiwan were down 33.3 percent in March and are down 17.3 percent year over year in the first three months of the year.

Beef imports are going up

Total beef imports in March were up 10.6 percent and are up 25.0 percent year over year in the first quarter of the year. This follows a 9.9 percent year over year increase in beef imports in 2023. 

Canada is the largest source of beef imports and was up 20.2 percent in March and up 12.8 percent for the first three months of the year. Brazil is the number two source of beef imports with March imports down 26.6 percent year over year and the first quarter total up 24.8 percent. Australia is the third largest source of beef imports with March imports up 117.2 percent and January-March total imports up 112.9 percent. New Zealand is the number four beef import source with March imports up 7.0 percent and total first quarter imports up 32.0 percent year over year. 

Mexico is the fifth largest beef import source with March imports declining by 20.6 percent and a first quarter total down 18.2 percent year over year. Mexico is the only major beef import source that is decreasing in 2023.  Uruguay is the number six beef imports source, up 28.6 percent in March and up 68.3 percent for the first quarter of the year.