US pork exports down in value in July
Pork exports totaled 176,413 metric tons (mt) in July, up 1.5 percent from a year ago, valued at $465.3 million – down 5 percent year-over-year and the lowest monthly value since February 2016, according to data released by USDA and compiled by USMEF.
Analysts at USMEF said that for the first seven months of the year, pork exports remained 2 percent ahead of last year’s record volume pace at 1.45 million mt, while value was up 3 percent to $3.83 billion.
“It is encouraging to see pork export volume continue to grow, even in the face of considerable headwinds in some of our most critical markets,” said USMEF President and CEO Dan Halstrom. “But as anticipated, the 20 percent duty in Mexico and 62 percent duty in China weigh heavily on the price these exports can command and on the returns generated for producers and for everyone in the U.S. supply chain. Buyers outside of Mexico and China have stepped up to purchase our product, which is fantastic. But they are capitalizing on a buying opportunity made possible by the higher costs of doing business in Mexico and China.”
July exports accounted for 24.7 percent of total pork production and 21.7 percent for muscle cuts only, down from 25.9 percent and 21.3 percent, respectively, last year. For January through July, the percentage of total pork production exported fell from 27.5 to 27 percent, but for muscle cuts the percentage increased from 22.8 to 23.3 percent.
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