US herd rebuilding will ‘pay dividends’ for beef industry
09/09/2015
CEO Philip Seng said market access issues and the sustained strength of the dollar continue to make 2015 “a very tough year”.
US beef exports in July exports totalled 91,955mt, down 10% from a year ago and the smallest volume since 2010.
Export value was $555.7 million, down 1%.
China’s mid-August devaluation of the yuan sent currencies of several key importing countries and lower versus the US dollar. The Korean won, the Taiwanese dollar and the Mexican peso all weakened significantly. The Australian and New Zealand dollars have been trading at levels not seen since 2009 and the Brazilian real is at its weakest point in more than a decade.
“US exports were already facing a very challenging situation with regard to exchange rates, and that situation worsened over the past three weeks,” Seng explained. “This means we must work even harder to differentiate US meat based on attributes other than price by educating international buyers on the quality and value our products deliver.”
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