Canadian beef exports in 2023

Canadian beef exports in 2023 totaled 498,917 tonnes valued at $5.02 billion, down 2.4% in volume but up 7.4% in value from 2022. The value of exports has increased for eleven consecutive years and is at a new record. Canada’s top five trading partners by market share are the U.S. (75%), Japan (9%), Mexico (7%), Southeast Asia (3%), and South Korea (3%). Trade channels shifted in 2023; with more beef being shipped to North American countries where demand remained strong, while ample stocks, economic pressures and exchange rates reduced exports to Asian countries. In 2023, Canadian beef exports increased to the U.S. (+4%) and Mexico (+22%), but declined to Japan (-33%), Southeast Asia (-25%), and South Korea (-25%). Beef exports averaged $10.07/kg, a 10% increase from 2022.

Canadian beef imports in 2023 totaled 186,557 tonnes valued at $1.84 billion, up 11% in volume and 12% in value from 2022. Our five largest suppliers by market share were the U.S. (53%), Australia (11%), New Zealand (10%), the E.U. including the U.K. (9%), and Uruguay (6%). Beef imports averaged $9.88/kg, a slight 1% increase from 2022.

Total domestic production in 2023 was down 5% from 2022. Non-fed production was 9% higher supporting supplies of lean manufacturing beef; while fed production for high-quality steaks and roasts was down 7%. From June through November, domestic prices for 85% lean manufacturing beef was at a premium to imported product from Australia, New Zealand and the US, encouraging imports, but dropped below in December. As North American beef supplies move into a tighter phase of the cattle cycle, increased volumes of beef imports are expected in order to keep beef on consumers’ plates.