The top five markets for U.S. beef in 2024 were South Korea, China, Japan, Mexico and Taiwan.

From January through November 2024, beef shipments from the U.S. to the world were $8.329 billion, an increase of 6.1% over the same period in 2023, according to Commerce Department data.

One point to note as part of the context: the U.S. Meat Export Federation (USMEF) asked the U.S. Trade Representation (USTR) to resume the Phase 1 agreement with China to boost U.S. exports in its sector.

Markets for U.S. beef

Last mid-October, USMEF projected that U.S. beef exports to China would reach $1.5 billion by 2024.

The following are the top markets for U.S. beef in the first 11 months of 2024, in millions of dollars and year-over-year growth rates:

• South Korea: 1,949 (+6.2 percent).
• China: 1,369 (-0.9 percent).
• Japan: 1,312 (+4.1 percent).
• Mexico: 932 (+15.6 percent).
• Taiwan: 632 (+9.3 percent).

Phase 1

The Phase 1 agreement with China provided key market advantages for U.S. beef. These included adoption of Codex MRLs for growth hormones, acceptance of the U.S. traceability system, and expansion of eligible cuts of cattle of all ages. Also included were an expanded list of eligible plants, approval of processed products and recognition of FSIS-approved establishments. These changes boosted record red meat exports to China in 2022.

Below is the trend of beef exports from the U.S. to the world, in millions of dollars:

• 2018: 1,168.
• 2019: 1,770.
• 2020: 1,654.
• 2021: 2,317.
• 2022: 2,664.
• 2023: 2,046.
• 2024 (January-November): 1,949.

U.S. beef faces a 12% MFN tariff in China. This puts it at a disadvantage compared to Australian beef, which enjoys a zero tariff thanks to its Free Trade Agreement. Moreover, according to USMEF, the additional Section 301 tariffs applied since September 27, along with those planned for the coming years, again expose U.S. agricultural products to the risk of retaliation by China.