Beef Buzz News
Beef Export Market Continues to Grow Despite the Current Intensity in the Global Trade Environment
Fri, 03 Aug 2018 11:17:52 CDT
One of the featured keynote speakers at the 2018 Cattle Industry Summer Business Meeting happening this week in Denver, was Dan Halstrom, president and CEO of the US Meat Export Federation. During his presentation, Halstrom assured producers that despite all the rhetoric and posturing that the current administration has taken on trade and the pushback from foreign trading partners - the beef industry at least continues to so far being faring reasonably well.
"I think the basic supply and demand dynamics are still very positive. We have data through May and the numbers look pretty good," he told Radio Oklahoma Ag Network Farm Director Ron Hays. "Year-to-date coming off a record year last year, the volumes have gone up 10 percent and up about 20 percent on the value side. So, we are on track for new records."
Halstrom added that the exciting thing about this growth, is that the gains are broad-based. To illustrate that point, Halstrom highlighted several instances of impressive growth such as South Korea, up 34 percent year-over-year; Taiwan up 31 percent; Central America as a region, up 20 percent; and the two largest US markets for beef Japan and Mexico, both up 4 or 5 percent. In fact, Korea, while it may not be the largest market- it is certainly the shining star right now. Halstrom reports that this year for the first five months, the US exceeded Australia's share of the beef imports going in to that country - with the US now controlling 50 percent of its market share there.
"So, the broad-based demand continues to be very, very good," he remarked. "But, we have this sort of cloud of uncertainty that's hanging over us and that's definitely not helping us at the moment."
Listen to Halstrom and Hays discuss the export market growth that has occurred this year despite the current intensity in the trade environment, on today's Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
Hear Halstrom, Hays discuss the export market growth that's occurred despite the heavy trade scene.
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