USMEF President Phil Seng Excited About Opportunities in Asia, Especially JapanFri, 15 Jul 2016 11:01:55 CDT
It has been a good year for beef so far says Phil Seng, President/CEO of the U.S. Meat Export Federation (USMEF). According to him, several factors are playing into the market right now putting U.S. meat in a strategic position.
“Our major competitor internationally has always been Australia,” Seng said. “Their factories are down, some only operating at 50 percent and some even lower than that.”
This fact along with the U.S.’s strong presence in Japan, a country experiencing growing consumption, has Seng optimistic that the U.S. will finish very strong this year in key markets. Beyond 2016, he suggests there are still tremendous opportunities in Asia, especially in Japan.
“One of the bright spots in the Japanese market is the amount of tourism coming into Japan,” Seng said. “This year they are going to eclipse 20 million people coming into Japan. Their goal for the Olympics in 2020, is to have 40 million tourists.”
With a tourism business like this, Seng asserts that the hospitality industries are currently “on fire” and with the possibility of the Trans-Pacific Partnership (TPP) added to the mix, Seng says there is major potential growth for the Asian markets.
“Asia is a pretty exciting place to be right now,” Seng said.
Listen to Phil Seng talk more on international beef trade during today’s Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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