Beef Imports

U.S. Beef Imports Up 23% in 2024

The U.S. beef import market is experiencing a historic year in 2024, with total imports increasing by 22.49% compared to the same period in 2023. From January to October, U.S. beef imports climbed from 3.13 billion pounds to 3.83 billion pounds, reflecting growing demand and shifts in trade dynamics. Among the top contributors to this surge are Canada and Australia, both surpassing 800 million pounds in imports this year, a milestone that puts them on record-setting paces.

Australia has seen a dramatic 69.38% increase in beef exports to the U.S., rising from 513.7 million pounds in 2023 to an astounding 870.1 million pounds in 2024. This remarkable growth cements Australia’s status as a leading supplier and reflects its recovery from previous drought conditions, as well as strong export programs targeting the U.S. market. Canada, already a top exporter, has maintained its steady contributions, with imports increasing by 1.30% to reach 835.5 million pounds this year, also marking a record-setting pace. These two countries are critical pillars of the U.S. beef supply chain, ensuring a steady flow of high-quality beef to meet consumer demand.

Brazil has also been a key player in the growing import market, with a 52.03% increase year-over-year, exporting 599.2 million pounds to the U.S. This impressive growth highlights Brazil’s expanding role in the U.S. beef sector, driven by its cost-efficient production and robust export strategies. Similarly, Uruguay experienced a 65.42% jump, increasing its exports from 146.8 million pounds to 242.8 million pounds, reflecting its focus on delivering premium beef products to U.S. buyers. Other contributors include New Zealand, with a modest 6.31% increase, and Nicaragua, which rose by 4.61%, showcasing the diversity of sources for U.S. beef imports.

Mexico, however, experienced a significant decline, with imports dropping 11.70% from 560.8 million pounds in 2023 to 495.2 million pounds in 2024. This downturn is likely due to reduced cattle inventories and increased domestic consumption within Mexico. Despite this, the U.S. beef market continues to thrive on strong partnerships with other exporting nations. The consistent performance of Canada and Australia, coupled with the rapid growth from Brazil and Uruguay, underscores the strength of the U.S. beef import infrastructure

With Canada and Australia both exceeding 800 million pounds of beef exports to the U.S., 2024 is shaping up to be a record-breaking year for U.S. beef imports. These figures reflect a robust global trade network and growing domestic demand for diverse beef products. As the year progresses, these trends are expected to solidify the U.S.’s reliance on its international partners to meet consumer preferences and ensure a competitive and abundant beef supply.

Source: ERS/USDA (pounds) - Rob Cook, robcookkc@gmail.com