USA

USMEF: Robust October performance keeps pork exports on record pace

Pork

Exports of U.S. red meat posted year-over-year increases in October, 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 Dec 11 ,00:30

Pork exports reached 252,411 mt in October, up 3% from a year ago, while value also climbed 3% to $710.4 million. Although shipments to leading market Mexico declined slightly, this was more than offset by growth in Japan, Central America, the Caribbean, Oceania and the ASEAN region. Through the first 10 months of 2024, pork exports increased 5% from a year ago to 2.49 million mt, valued at $7.07 billion (up 6%). For the year, exports are projected to surpass 3 million mt for the first time, exceeding the 2020 volume record (2.98 million mt) and topping last year’s value record ($8.16 billion).

"While shipments to Mexico eased just a bit in October, $217 million in exports is still a tremendous number", said USMEF President and CEO Dan Halstrom. "This just highlights the remarkable growth U.S. pork has achieved in the Mexican market, which is enabled by the duty-free access delivered through the U.S.-Mexico-Canada Agreement. This access is critical and something we can never take for granted. At the same time, the fact that global exports still achieved an increase in October really underscores the importance of market diversification".

Pork exports to leading market Mexico have reached new heights in 2024 but trended modestly lower in October, falling 2% from a year ago in both volume (98,728 mt) and value ($216.5 million). Through the first 10 months of the year, exports to Mexico were still 6% above last year’s record pace at 948,932 mt, valued at $2.1 billion (up 11%).

This marks the third consecutive year that pork export value to Mexico has topped $2 billion and the earliest it has surpassed this milestone. Pork exports to Mexico are expected to surpass $2.5 billion this year, more than doubling in value since 2020. As the dominant destination for U.S. bone-in hams, Mexico currently accounts for 10.6% of U.S. pork muscle cut production.

Led by impressive growth in leading market Honduras and a sharp increase in demand in Costa Rica, pork exports to Central America are also on a record pace in 2024. October exports to the region totaled 14,601 mt, up 6% from a year ago, while value increased 11% to $46.9 million. These results pushed January-October shipments 21% above last year’s pace to 124,235 mt, while value soared 30% to $390.9 million.

October pork exports to the Caribbean climbed 24% from a year ago in both volume (13,111 mt) and value ($39.2 million), led by growth in the Dominican Republic, Cuba and Trinidad and Tobago. January-October exports to the region totaled 103,902 mt, up 6% from a year ago, while value was up 9% to $307.8 million.

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

• Pork exports to Japan increased 6% from a year ago in October to 25,630 mt, while value climbed 7% to $108.3 million. Through the first 10 months of 2024, exports to Japan were 1% below last year at 285,334 mt, while value was steady at $1.18 billion.
• Although well below the large totals posted earlier in the decade, pork exports to China/Hong Kong have regained some momentum in recent months. October exports totaled 45,178 mt, up 15% from a year ago, while value increased 12% to $109.3 million. January-October shipments to China/Hong Kong were 9% below last year in volume (389,610 mt) and 14% lower in value ($933.3 million). China/Hong Kong is the largest destination for U.S. pork variety meat, with January-October exports totaling 267,587 mt, down 5% from a year ago, while value fell 12% to $633.6 million.
• Although down modestly in volume in October, pork exports to Colombia remain on a record pace in 2024. October exports fell 4% from a year ago to 10,386 mt, but value still increased 6% to $32.1 million. Through October, exports to Colombia were up 31% to 100,148 mt, while value soared 38% to $287.3 million.
• With impressive growth in both Australia and New Zealand, pork exports to Oceania continued to climb in October, reaching 8,062 mt (up 35% year-over-year), valued at $30.8 million (up $37%). January-October shipments to the region increased 33% to 84,681 mt, while value climbed 37% to $307.6 million.
• Larger shipments to the Philippines and a sharp increase in demand in Malaysia pushed October pork exports to the ASEAN region to 5,841 mt, up 31% from a year ago, while value climbed 34% to $14.2 million. Through October, exports to the ASEAN increased 18% in volume (67,161 mt) and 10% in value ($148.4 million).
• Pork exports to South Korea trended lower in October at 11,169 mt, down 17% from a year ago, while value fell 18% to $38.5 million. But January-October exports to Korea were still well above last year’s pace, climbing 21% in volume (181,388 mt) and 26% in value ($620.9 million).
• Pork export value equated to $59.63/head in October, down slightly from a year ago. The January-October average was $65.43, up 4%. Exports accounted for 27.6% of total October pork production and 23.8% of muscle cuts, each down about one-half percentage point from a year ago. January-October exports accounted for 29.9% of total production and 25.8% of muscle cuts, up from 29.2% and 25.1%, respectively, during the same period last year. 

Comments

Similar articles