WASHINGTON, DC – As U.S. beef exports set an all-time record in August, topping the $1 billion mark for the first time, economists have also been looking at the import market.
For the month of August, beef volume imports totaled 332 million pounds, which is 25 percent higher than the 2019 levels, 16 percent higher than the 5-year average but 5 percent lower than the record pace established last year.
For beef arriving from Canada, monthly imports hit their highest mark in 16 years at 98.9 million pounds, a 20 percent year over year increase.
Brazil exported 35 million pounds of beef into the United States, equal to a 23 percent increase over August of 2020.
While imports from New Zealand increased year over year by 17 percent.
The Economic Research Service (ERS) says these imports are typically very seasonal, decreasing from a peak in June or July to a low in November.
The third-quarter beef import forecast was increased by 45 million pounds according to the monthly Situation and Outlook Report, reflecting recent trade data and strong domestic beef demand, and the annual forecast for this year has been increased to 3.1 billion pounds.
Annual imports for 2022 were also expected to be higher – up 15 million pounds – based on continued strength in beef demand and lower expected domestic cow slaughter.
(SOURCE: All Ag News)
