Peel: Weak Beef Exports Raises Concerns

Beef exports in January were down 15.7 percent year over year.  Despite record beef exports in 2022, signs of a weakening beef trade picture were developing late in the year with beef exports down year over year in both November and December.  A strong U.S. dollar peaked in late 2022 and has decreased, but remains high, provided export headwinds that appear to be taking a toll.  The biggest decrease in January exports was South Korea, down 36.8 percent year over year.  The dollar appreciation to the South Korean Won was particularly acute in late 2022 but has moderated somewhat since last October.  In 2022, beef exports to South Korea increased 3.2 percent to a new record level and giving South Korea a 22.8 percent share of total U.S. beef exports, remaining the number two export market, but just fractionally lower than Japan. 

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