China becomes East Asia’s second-largest market for US beef exports, region on course for record 2022 shipments
- US beef exports to China and Hong Kong surpassed US$2 billion for the first time last year, with shipments reaching a record US$2.23 billion in the first 10 months of 2022
- South Korea became the US’ top beef market last year, with shipments to South Korea reaching US$2.32 billion at the end of October
China has become the second largest market in East Asia for beef exports from the United States this year, with overall shipments to the region on course to hit record levels due to a robust middle class and a developed e-commerce retail sector, according to the US Department of Agriculture.
US beef exports to China, including Hong Kong, reached a record high of US$2.23 billion in the first 10 months of 2022, up nearly a third from the previous year, data from the department showed.
Exports to mainland China and Hong Kong surpassed US$2 billion for the first time last year.
East Asia has long been the major market for the US beef exports, with shipments to Japan reaching US$2.02 billion at the end of October.
East Asia’s relatively stable middle class with high disposable household income has been willing to absorb the rising costs
“US beef exports to East Asia in 2022 are again on record pace after a record year in 2021. Despite economic uncertainties due to the Covid-19 pandemic, continued global supply chain challenges, and a competitive global beef market, US beef exports to East Asia, both in value and volume, were outstanding in the first half of 2022,” the US Department of Agriculture said in its International Agricultural Trade Report on Tuesday.