The USDA’s Foreign Agricultural Service released a report titled “U.S. Beef Exports to East Asia on a Record Pace.” Despite economic uncertainties brought on by COVID, continued global supply chain challenges, and a competitive global beef market, American exports to East Asia were outstanding in the first half of 2022 in terms of value and volume.
The report says, “During the first three quarters of 2022, U.S. beef exports to East Asia, including Korea, Japan, China/Hong Kong, and Taiwan, were a record $6.6 billion.” That’s a 22 percent increase on a value basis from last year’s exports worth $5.4 billion. “On a volume basis, the exports were up 6.4 percent,” the report says. “Despite surging food prices in recent months, higher-volume shipments indicate a continued demand for beef products.”
It also shows that East Asia’s relatively stable middle class has high disposable income and is willing to absorb the rising costs.