South Korea helps US beef exports to record year - leatherbiz: Leading Leatherbiz

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South Korea helps US beef exports to record year

11/03/2019
The US exported 1.35 million tonnes of beef in 2018 for a total value of $8.33 billion, according to the latest figures from the US Meat Export Federation (USMEF).

These figures represent a 7% increase in volume and a 15% increase in value compared to 2018.
The average value per head was more than $323, up 13% year-on-year. Exports accounted for 13.5% of total US beef production in 2018, compared to 12.9% the previous year.

This strong performance was driven by Asian markets, in particular South Korea. US beef exports to this country jumped 30% in volume and 43% in value compared to 2017. 

Dan Halstrom, USMEF president and CEO, attributed the large increases to promotional funding from the US Department of Agriculture and to the Korea-US Free Trade Agreement (KORUS). Originally agreed in 2012, this agreement has seen South Korean tariffs on US beef drop from 40% to 18.7%. They will fall to zero by 2026. 

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