Forecast for 2024 U.S. Red Meat Exports Presents a Varied Outlook

Examining the potential for U.S. red meat exports in 2024 yields a mixed forecast. California ranking as the fourth-leading state in the nation for red meat production plays a significant role in this dynamic landscape. Erin Borror, Vice President of Economic Analysis at the U.S. Meat Export Federation, suggests that the outlook is more favorable for U.S. pork.

“On the pork side, it's been really strong growth or even a rebound in exports in 2023 - about an eight percent increase- and then expecting and forecasting a further increase in pork exports in 2024, possibly around another four percent gain off of the increase in 2023.”

“I see 2024 as the real rationing of demand for U.S. beef because we know production is going to decline further, and so you're looking at a domestic consumer versus our international consumers and who's going to bid more. I often hear the perception that we're producing less beef, we don't need to export as much anyway, and that couldn't be farther from the truth, especially when we need to enable higher prices across the whole supply chain to send the signal to rebuild the herd.”