Beef trade update falter

For the first four months of the year, beef exports are down 9% year over year from record exports in 2022 following a 12% decrease in April compared to last year. With beef production falling, a relatively strong dollar and some global macroeconomic weakness, a decrease in exports has been expected. Thus far in 2023, South Korea is the largest beef export destination, outpacing Japan in the months of March and April to achieve a 23.3% share of total beef exports. South Korea, along with Mexico were the only major beef export markets to be larger year over year in April.