US beef exports to the Caribbean see an 18% increase in volume

USA – Beef exports from the United States to the Caribbean have grown significantly this year, with October exports reaching 2,479 metric tons, marking an 18% rise compared to the same period in 2022. 

Data from the U.S. Department of Agriculture (USDA) and the U.S. Meat Export Federation (USMEF) shows export value climbing 19% to US$22.5 million for the month, driven by demand in the Dominican Republic, Cuba, and Jamaica.

Between January and October, total beef exports to the region totaled 26,953 metric tons, a 21% increase from the previous year. 

The cumulative value for the period reached US$228.8 million, a 10% year-over-year growth.

These increases come amidst an overall decline in U.S. beef production. 

Estimates for 2023 place production at 26.96 billion pounds, down from 28.29 billion pounds in 2022. 

Although production has fluctuated over the past two decades, it has remained largely stable until recent years.

Concerns are mounting within the beef industry over a shrinking national beef cow herd. 

Observers question whether enough cattle will be available in the coming years to meet the needs of feedlots, processing facilities, and consumer demand. 

Experts anticipate that herd expansion will not begin until at least 2026 and will progress more slowly than in past cycles.

According to Andrew Gottschalk of HedgersEdge.com, the cow inventory is likely to see further declines. 

The annual cow harvest is projected to drop by 877,000 head in 2024 compared to the previous year, with another reduction of 400,000 head expected in subsequent years. 

Adverse grazing conditions due to droughts in the West and Great Plains have further strained the industry.

Beef production remains influenced by the availability and cost of feed grains, given the reliance of the U.S. industry on grain-fed cattle. 

Retail beef prices have averaged US$8 per pound in 2023, with premium cuts like sirloin steak exceeding US$10 per pound. 

Despite being the world’s largest producer of high-quality beef, the U.S. imports lower-cost, grass-fed beef for processing.

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