USDA Issues March Livestock Outlook

In 2024, U.S. beef exports are expected to be about 83 percent lower than those in 2023. The drop is due to lower beef production this year brought on by tightening cattle supplies and tougher global competition from beef exporting countries like Australia.

Pork exports are forecast to increase by almost 4.6 percent from 2023 due to higher domestic production and less global competition from the European Union. Broiler exports this year are expected to decline about 1.4 percent compared to last year due to higher domestic prices and weak demand from China. Turkey is expected to be competitively priced in 2024, with exports forecast to be up 6.4 percent compared to last year.

Compared with 2023, dairy exports on a skim-solids milk-equivalent basis should increase slightly this year by 0.2 percent. Relatively strong domestic demand for dairy products and limited growth in milk production will likely limit export growth.