Grocery store shelvesIt has been a wild ride in the world of beef exports in 2022 with a record or near-record exports. However, looking ahead to the new year, global beef production is anticipated to decrease. Changes in beef production and consumption will impact global beef exports and imports in 2023. The U.S. is predicted drop to 4th place, with Brazil remaining the top beef exporter. All eyes will be on China and Hong Kong as the largest beef importing country in the world since 2018.

Imports may decrease to Southeast Asian countries for the first time ever as recession and zero-Covid control impact the economy. Meanwhile, the U.S. may increase beef imports slightly as beef production falls amidst a sharp drop in processing expected to hit in early 2023. Particularly as drought conditions continue, the beef market may see some musical chairs.

Read more on 2023 beef market predictions here.