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USMEF: May pork exports below last year

Pork exports posted another solid performance in May, but were below last year in both volume and value.

Posted on Jul 11 ,00:20

May pork exports totaled 251,447 mt, down 4% from a year ago, valued at $715.8 million (down 2%). Through the first five months of the year, exports were still up 6% to 1.29 million mt, while export value was 7% above last year’s record pace at $3.6 billion. 

"Pork shipments to Mexico trended a bit lower in May, but that’s following a record April performance", said USMEF President and CEO Dan Halstrom. And even at that, export value to Mexico still topped $200 million. U.S. pork also posted another great month in South Korea and exports to the ASEAN region were the largest in three years. Demand also continued to strengthen in Central America and the Caribbean.

Although pork export volume to leading market Mexico slowed in May following record-large April shipments, export value still increased and 2024 demand remains on a record pace. May exports to Mexico totaled 91,338 mt, down 6% from a year ago, but value was 2% higher at $201.9 million. January-May exports to Mexico reached 480,193 mt, up 7% from a year ago, while value increased 14% to $1.02 billion.

While Mexico continues to shine as a destination for hams and other pork cuts for further processing, the U.S. industry has made impressive inroads in the country’s rapidly growing retail and foodservice sectors, with per-capita pork consumption continuing to expand. Mexico is also a major outlet for U.S. pork variety meat, including for taco applications.

Pork exports to Korea posted another robust performance in May, totaling 22,354 mt. This was up 6% from a year ago, while value increased 8% to $78.9 million. Through May, exports to Korea climbed 35% above last year’s pace to 118,092 mt, while value soared 40% to $395.4 million. The U.S. industry continues to capitalize on Korean consumers’ growing appetite for convenient, easy-to-prepare entrées and snacks, while U.S. pork is also gaining traction in the foodservice sector. 

Despite lower shipments to leading market Honduras, May pork exports to Central America increased 11% from a year ago to 11,711 mt, while export value climbed 26% to $37.8 million. May exports to Costa Rica nearly tripled from a year ago, while also gaining strength in Guatemala and El Salvador. January-May exports to the region increased 25% from a year ago to 64,161 mt, while export value soared 35% above last year’s record pace to $196.8 million. 

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

• Led by larger shipments to the Philippines, Malaysia and Vietnam, May pork exports to the ASEAN region reached 9,235 mt, up 41% from a year ago and the largest since May 2021. This included record-large variety meat exports to the Philippines, totaling 4,483 mt. Through May, total pork and pork variety meat exports to the ASEAN increased 17% to 31,715 mt, valued at $67.7 million (up 4%). 
• Pork exports to Colombia remained strong in May, climbing 55% from a year ago to 9,653 mt, while value soared 63% to $26.6 million. January-May exports to Colombia increased 46% to 49,315 mt, a record pace, while value climbed 58% to $135.3 million. 
• Although May exports to Oceania were below last year’s large volume, shipments remained robust at 9,353 mt, valued at $32.8 million. With exports expanding to both Australia and New Zealand, January-May shipments to the region increased 64% to 46,574 mt, with value climbing 63% to $165.6 million. While both Australia and New Zealand restrict access for fresh U.S. pork, Oceania is a strong destination for pork cuts used for further processing and the region has a growing appetite for value-added U.S. processed products.   
• May pork exports to Japan held fairly steady with last year at 30,010 mt, while value was down 1% to $121.9 million. January-May shipments to Japan were down slightly to 153,052 mt, with value steady at $618.2 million. Similar to beef, the strong U.S. dollar has hampered Japan’s demand for U.S. pork, but Japan is importing more frozen U.S. pork to partially offset the decline in ground seasoned pork and chilled pork. The rise in tourism, declining inventories and still-high prices for European pork offer potential growth opportunities in the second half of the year. 
• May exports of pork variety meat increased slightly from a year ago to 51,957 mt. Export value was also strong at $110.8 million, though down 13% from last May’s record high. For January through May, pork variety meat exports climbed 4% above last year to 257,431 mt, but value fell 5% to $557.4 million, mainly on lower unit values for feet, tongues and stomachs. China/Hong Kong is still the top destination for U.S. pork variety meat exports, but growth to Mexico, the ASEAN region, Canada, Central America and Colombia helped offset declining demand from China/Hong Kong. 
• May pork exports equated to $67.64 per head slaughtered, down 2% from a year ago, but the January-May average was still up 5% to $66.54. Exports accounted for 30.7% of total May pork production and 26.2% for muscle cuts only, down from the very high ratios (32% and 27.6%, respectively) posted in May 2023. January-May exports accounted for 30.7% of total production and 26.5% for muscle cuts, each up about one percentage point from the same period last year. 

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