From January through May of 2026, total beef exports are down 17.2 percent year over year. Beef exports have declined by one third since 2022, the year of record exports (Figure 1). Decreasing beef production and rising beef prices are moderating beef exports as expected. Beef exports to all markets have decreased since 2022 but the impacts vary across markets depending on the nature of the trade to a specific country, the types of beef products traded, currency exchange rates, and policy impacts in various markets.
Figure 2 shows beef exports in a way that makes it easier to see country by country changes for the January – May period since 2022. So far in 2026, South Korea is the largest beef export market, down 12.2 percent year over year. Japan is the second largest beef export destination, down 19.4 percent from last year. Beef exports to Japan have dropped more sharply in 2026, after holding steady from 2023-2025 (Figure 2). South Korea currently accounts for 26.0 percent of total beef exports; a growing share compared to 22.8 percent for Japan.
Mexico is the number three beef export market, down 16.0 percent year-over-year and accounting for 11.3 percent of total beef exports. Beef exports to Mexico increased from 2022-224 and have decreased in 2025 and 2026. The number four beef export market is Canada, down 10.9 percent from one year ago. Beef exports to Canada have been relatively steady with the Canadian share at a current level of 8.7 percent of total beef exports. Both Mexico and Canada have seen an increase in export share with relatively stable exports while other markets have declined.
The combined China/Hong Kong market have dropped sharply with the continuing trade war with the U.S. The China/HK market is currently the number six beef export market, down 56.6 percent year over year and down 73.2 percent since 2022. As recently as 2024, China/HK was the third largest beef export market, but now accounts for 7.6 percent of beef exports, down from 20.0 percent in 2022. China and Hong Kong are reported as a combined market because, although they are technically separate with separate data, the two markets interact unofficially – especially when China is closed. In 2022, beef exports to Hong Kong were 11.4 percent of the total for the combined market. Thus far in 2026, beef exports to Hong Kong are 91.4 percent of the total, with exports to Hong Kong alone up 84.1 percent year over year, while beef exports to China alone are down 94.8 percent from last year. Beef exports exports to Hong Kong appear to be “unofficially” moving into China, as they did a few years ago before China was open for U.S. beef.
Taiwan is the number six beef export market and the only growing market in 2026, up 3.7 percent from last year for the first five months of the year. Taiwan currently accounts for 7.0 percent of total beef exports. Like Mexico and Canada, Taiwan has an increasing share of total exports as the major Asian markets have declined.
Derrell Peel, OSU Extension livestock marketing specialist, discusses whether the cattle markets have reached their peak and what factors could influence prices moving forward on SunUpTV from July 18, 2026. https://www.youtube.com/watch?v=RXtKFnsFWIU
