USA

USMEF: Broad-based growth has pork exports poised to set annual records

Pork

September exports of U.S. pork and beef were higher year-over-year, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF), with pork exports well-positioned to set annual volume and value records in 2024.

Posted on Nov 11 ,00:25

September pork exports totaled 238,047 metric tons (mt), up 8% from a year ago, while value increased 6% to $685.1 million. Through the first three quarters of the year, pork exports were 5% above last year’s pace at 2.23 million mt, with value up 7% to $6.36 billion.

"U.S. pork’s September performance was especially encouraging because growth was mainly driven by small and medium-sized markets in Central America, Southeast Asia and Oceania, and pork exports to Colombia continue to reach new heights,” said USMEF President and CEO Dan Halstrom. “It was certainly another robust month for pork exports to Mexico and shipments to Japan were above last year. But the broad-based growth reflects the U.S. industry’s strong commitment to market diversification".

September pork exports to leading market Mexico totaled 91,492 mt, up 3% from a year ago, though value edged slightly lower to $206.6 million. Exports to Mexico remained on a record pace through September, climbing 7% in volume (850,204 mt) and 12% in value ($1.89 billion). With a strong fourth quarter, export value to Mexico will exceed $2.5 billion, which is in line with USMEF’s forecast. Exports to Mexico currently equate to nearly $20 for every U.S. hog slaughtered.

Led by outstanding growth in Honduras, Guatemala, Costa Rica, El Salvador, Panama and Nicaragua, September pork exports to Central America soared 36% above last year to 12,895 mt, valued at $41.9 million (up 42%). Exports to the region are also on a record pace in 2024, with shipments through September climbing 23% to 109,634 mt, with value up 33% to $344 million.

Robust growth in the Philippines, Malaysia and Singapore pushed September pork exports to the ASEAN region to 7,701 mt, up 83% from a year ago, while value climbed 82% to $16 million. Domestic production in the region continues to be impacted by African swine fever, driving strong demand for imports. U.S. pork is capturing market share previously held by European suppliers, although EU exports to the region have rebounded to some degree this year. Through September, U.S. exports to the ASEAN region increased 17% from a year ago to 61,320 mt, while value was up 8% to $134.2 million.

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

• September was another excellent month for pork exports to Colombia, which are on a record pace in 2024. September shipments climbed 43% from a year ago to 10,924 mt, valued at $33.4 million (up 22%).
• Despite heightened competition from Brazilian pork, September pork exports to the Dominican Republic increased 32% from a year ago to 7,644 mt, while value climbed 31% to $22.8 million. These results pushed January-September shipments to the DR to 69,681 mt, down 4% from a year ago, while value was steady at just under $200 million. January-September exports to the Caribbean region were also bolstered by a quadrupling of shipments to Cuba (5,843 mt, up 322%) and strong growth in Trinidad and Tobago (3,869 mt, up 23%). Exports are also well-positioned to set annual records in the Leeward-Windward Islands (3,039 mt, up 20%), the Netherlands Antilles (2,059 mt, up 8%) and Turks and Caicos (599 mt, up 35%).
• September pork exports to Japan were 6% above last year at 24,625 mt, while value increased 7% to $104.5 million. Through the first three quarters of the year, exports to Japan remained slightly below last year in both volume (259,704 mt, down 2%) and value ($1.06 billion, down 1%).
• With demand strengthening in both Australia and New Zealand, September pork exports to Oceania increased 41% from a year ago to 7,709 mt, valued at $28.9 million (up 50%). January-September exports to the region climbed 33% in volume (76,619 mt) and 37% in value ($276.8 million).
• Although pork exports to South Korea slowed in August and September, January-September shipments remained well above the 2023 pace at 170,219 mt, up 25%, while value climbed 30% to $582.4 million.
• September pork exports to China/Hong Kong were the largest in 15 months at 41,405 mt, up 11% from a year ago, while value also increased 11% to $97.8 million. January-September exports to the region remained well below last year at 344,432 mt (down 11%), valued at $824.1 million (down 17%). Pork variety meat accounts for more than 70% of the export volume to China/Hong Kong, which is the largest destination for these products. Through September, pork variety meat exports to the region totaled nearly 240,000 mt, which was down only 5% from a year ago.
• Pork export value equated to $65.11 per head slaughtered in September, up 6% from a year ago. The January-September average was $66.15 per head, up 5%. Exports accounted for 29.6% of total pork production in September and 25.4% for muscle cuts only, each up about 1.5 percentage points from a year ago. The January-September ratios were 30.2% and 26%, respectively, up from 29.4% and 25.2% during the same period last year.

Comments

Similar articles