![]() beef exports amounted to 6 percent of China’s total imports on a volume basis and 11 percent by value. beef to China continued to grow in the second year after China’s removal of certain market access barriers. Beef prices increased dramatically through the middle of 2021 due to supply-side issues and firm demand which increased the value of exports.beef exporters by lowering the tariff rate to 10.6 percent. The United States - Korea Free Trade Agreement (KORUS) continued to benefit U.S.In 2021, the United States was the world’s largest beef producer, second-largest importer, and second-largest exporter by volume. Overall, beef exports accounted for 11 percent of U.S. competitor for high quality grain-fed beef, the ongoing effects from Australia’s 2-year drought in 2018-2019, coupled with political issues between Canberra and Beijing have decreased Australian competition-thereby expanding opportunities for U.S. market share by value in China from 2 percent in 2020 to 11 percent in 2021. Specifically, rising incomes led to more demand for high quality grain-fed beef, thus helping to increase U.S. beef to China continued to increase in the second year after China’s removal of certain market access barriers, and amid higher incomes in China’s second and third tier cities. beef exports on a value basis where growth in the retail sector has largely driven demand for beef. South Korea became the top destination for U.S. Exports to Japan valued at $2.4 billion, South Korea at $2.4 billion, and China at $1.6 billion accounted for 60 percent of total U.S. Robust demand from China and, to a lesser extent, other East Asian economies contributed to the expansion in U.S. ![]() ![]() beef and beef product exports increased 38 percent over 2020, to a record value of $10.6 billion. Census Bureau Trade Data - BICO HS-10 Highlights ![]()
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