U.S. beef exports set a new value record in May

U.S. beef exports set a new value record in May while also increasing significantly from a year ago in volume, according to USDA data compiled by the U.S. Meat Export Federation (USMEF).May pork exports were lower than a year ago. Though January-to-May totals for U.S. pork remained ahead of last year’s record pace, they will be tested in coming months by higher tariffs, USMEF said. BeefBeef export volume was 117,871 metric tons in May, the sixth-largest on record, valued at $722.1 million, which surpassed the previous monthly high in March 2018 by 4 percent and was 24 percent higher than a year ago. Through the first five months of 2018, beef exports were up 10 percent in volume to 547,157 metric tons, while export value was $3.32 billion, 21 percent above last year’s record pace.Exports accounted for 13.6 percent of total beef production in May, up from 13 percent a year ago. Japan and South Korea continue to be the pacesetters for U.S. beef export growth.