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USMEF: Pork exports remained robust in February

U.S. pork exports remained robust in February, achieving double-digit increases over last year in both volume and value, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Posted on Apr 10 ,00:10

February pork exports totaled 219,729 metric tons (mt), up 11% from a year ago, while export value increased 10% to $596 million. This included a particularly strong performance for pork variety meat exports, which jumped 40% to nearly 48,000 mt, valued at $111.8 million – up 25% and the eighth highest on record.

Through February, total pork and pork variety meat exports increased 12% to 456,496 mt, valued at $1.24 billion (up 13%).

"After setting a value record in 2022, the momentum for pork variety meat exports continues this year,” said USMEF President and CEO Dan Halstrom. “While this is largely attributable to a rebound in exports to China, demand is also strengthening in other markets including Mexico and the Philippines. It also reflects an improved labor situation, which has helped the U.S. industry increase its capture rate and broaden the range of destinations for pork variety meats".

After a string of record-breaking months, pork exports to Mexico cooled slightly in February but remained well above year-ago levels. February volume reached 78,226 mt, up 6% from a year ago, while value climbed 31% to $154.7 million. This pushed the January-February totals for Mexico 9% ahead of last year’s record pace in volume (175,026 mt) and 36% higher in value ($346 million).

February pork exports to the Dominican Republic more than doubled year-over-year to a record 10,681 mt (up 106%), valued at $27.7 million (up 105%). For the first two months of the year, exports to the DR climbed 63% to 18,866 mt, valued at $51.5 million (up 86%). With exports also trending higher to the Bahamas, Trinidad and Tobago, Leeward-Windward Islands and Netherland Antilles, January-February exports to the Caribbean increased 57% to 21,616 mt, valued at $61.7 million (up 74%).

Fueled by strong growth in the Philippines, Vietnam and Singapore, February pork exports to the ASEAN region totaled 4,229 mt, up 49% year-over-year, valued at $10.9 million (up 43%). Through February, exports to the region increased 48% to 7,897 mt, valued at $23 million (up 50%). U.S. pork’s competitive position has improved in the ASEAN due to reduced tariff rates in the Philippines and Vietnam, along with tighter supplies of European pork.

A strong February performance for pork variety meat exports (see above) pushed January-February shipments 37% above last year’s pace to 95,167 mt, valued at $222.4 million (up 21%). While the increase is largely attributable to strong demand in China-Hong Kong (55,956 mt, up 37%), variety meat exports also trended higher to Mexico, the Philippines, South Korea, the DR, Colombia and Honduras.

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

• Led by strong growth in Honduras, Guatemala, El Salvador, Costa Rica and Nicaragua, February pork exports to Central America increased 14% to 10,753 mt, valued at $29.6 million (up 15%). Shipments to Guatemala and El Salvador were the third largest and fourth largest on record, respectively. Through February, exports to the region increased 9% to 20,484 mt, valued at $57.3 million (up 14%).
• Exports to China-Hong Kong increased 32% from a year ago to 90,190 mt, while value climbed 26% to $233.9 million. Although pork variety meat made up more than 60% of this total, muscle cut exports to the region also trended higher in both volume (34,234 mt, up 24%) and value ($88.9 million, up 31%).
• After being nearly absent from the Taiwanese market since late 2021 due to negative publicity and burdensome country of origin labeling regulations related to ractopamine, pork exports to Taiwan are showing signs of a rebound in 2023. Through February, exports more than tripled last year’s low totals in volume (944 mt, up 287%) and more than quadrupled in value ($3.4 million, up 367%). As recently as 2020, U.S. pork shipments to Taiwan topped 20,000 mt, valued at $54 million.
• Exports to Japan were down 4% year-over-year through February to 57,032 mt, while value slipped 11% to $229.7 million. Chilled pork shipments, which are critical to serving Japan’s high-value retail sector, continue to face shipping delays and uncertainty on the West Coast. The Japanese yen has rebounded from its lows of 150 per U.S. dollar in October, to about 132 in early April. But the yen is still much weaker than the levels seen in February (115) and March (119) of 2022.
• February pork export value equated to $59.76 per head slaughtered, up 10% from a year ago, while the January-February average increased 9% to $58.73. Exports accounted for 28.3% of total February pork production and 23.8% for muscle cuts only - up from the year-ago ratios of 25.5% and 22.7%, respectively. For January-February, exports accounted for 27.7% of total production (up from 25.5%) and 23.6% for muscle cuts (up from 22.7%).

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