USA

USMEF: August pork exports above year-ago

Fueled by another outstanding performance from Mexico, August exports of U.S. pork increased year-over-year, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Posted on Oct 15 ,00:15

August pork exports totaled 238,989 metric tons (mt), up 6% from a year ago but the second lowest of 2024. Export value increased 8% to $702.9 million. For January through August, pork exports were just under 2 million mt, up 4% from a year ago, while valued climbed 7% to $5.68 billion. Pork export value was on a record pace through August, and USMEF projects both export volume and value will reach record highs in 2024.  

"Mexico was once again the pacesetter for U.S. pork, but demand throughout the Western Hemisphere was outstanding in August", said USMEF President and CEO Dan Halstrom. "Shipments to South America posted the highest value on record, while exports to Central America and the Caribbean also achieved strong growth. These markets are increasingly competitive, so it is essential that the U.S. industry defends its market share while also developing marketing efforts that help expand overall consumption".

Pork exports to leading market Mexico remain on a record pace, with August shipments up 4% from a year ago to 94,935 mt, while value climbed 9% to $230.6 million. For January through August, exports to Mexico were 8% above last year’s pace in volume (758,712 mt) and 14% higher in value ($1.68 billion).

Pork export value to South America reached a record high in August at $45.3 million, up 97% from a year ago. Export value to Colombia surged to a record $39.6 million, more than doubling from a year ago and up 16% from the previous high in November 2023. Export volume to the region climbed 83% to 14,961 mt, the highest in nine months, with Colombia reaching the second largest total on record at 13,341 mt. January-August exports to South America climbed 27% from a year ago in volume (89,341 mt) and 36% in value ($263.2 million).

Soaring demand in Costa Rica, Nicaragua and Panama, as well as steady growth in leading markets Honduras and Guatemala, delivered another impressive month for U.S. pork in Central America. August exports to the region increased 31% from a year ago to 11,417 mt, valued at $36 million (up 38%). With January-August shipments trending higher year-over-year to all seven Central American markets, exports to the region increased 22% to 96,739 mt, while value climbed 32% to $302 million. Shipments to Costa Rica (12,464 mt) have already matched the full-year record volume achieved in 2023. 

Other January-August results for U.S. pork exports include:

• Led by significant growth in the Philippines and record-large shipments to Malaysia, August pork exports to the ASEAN region reached 7,130 mt, up 45% from a year ago, while export value climbed 35% to $16.2 million. Through August, exports to the region were 12% above last year’s pace at 54,249 mt, while value increased 2% to $118.2 million.
• Despite shipments trending lower to leading market Dominican Republic, pork exports to the Caribbean still edged higher in August, increasing 3% to 8,138 mt. Export value increased 8% to $26.2 million. For January through August, exports to the region increased 1% to 81,076 mt, while value climbed 5% to $239.2 million, with larger exports to Cuba, Trinidad and Tobago, Leeward-Windward Islands and Netherlands Antilles offsetting lower shipments to the DR and the Bahamas.
• Pork exports to Australia continued on a robust pace in August, increasing 4% from a year ago to 5,743 mt, valued at $20.9 million (up 13%). Through August, shipments to Australia climbed 32% in volume (60,117 mt) and 38% in value ($215 million). With exports also trending higher to New Zealand, January-August shipments to Oceania totaled 68,910 mt, up 32% from a year ago, valued at $248 million (up 36%).
• While August pork exports to South Korea were the lowest of 2024 at 11,049 mt, down 3% from a year ago, export value still increased slightly to $37.8 million. Exports to Korea are on the strongest pace since the 2018 record year, with January-August shipments up 28% from a year ago at 160,142 mt, with value up 34% to $546.7 million.
• Pork exports to Japan took a step back in August, falling 5% from a year ago to 26,958 mt. Export value was down 6% to $112.3 million. January-August exports to Japan were 2% below last year in both volume (235,079 mt) and value ($958.5 million).
• While demand from China/Hong Kong remains sluggish, August pork exports to the region achieved a slight year-over-year increase at 37,794 mt, while value climbed 8% to $93.8 million. Through August, exports to China/Hong Kong were 14% below last year at 303,027, while value fell 19% to $726.3 million. Pork variety meat accounts for about 70% of the export volume to China/Hong Kong, which remains the largest destination for these items.
• Pork export value equated to $64.46 per head slaughtered in August, up 10% from a year ago. The January-August average was $66.27 per head, up 5%. Exports accounted for 29% of total August pork production and 25.2% for muscle cuts only – up from 27.4% and 23.4%, respectively, a year ago. The January-August ratios were 30.2% and 26.1%, up from 29.6% and 25.3%, respectively, during the first eight months of 2023.

Comments

Similar articles