USA USMEF: Record Value to Mexico Fuels Strong Month for Pork
Pork Pork exports were well above year-ago levels in July, led by a value record for shipments to Mexico, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
Posted on Sep 11 ,00:20
USMEF: Record Value to Mexico Fuels Strong Month for Pork
Pork exports reached 241,210 mt in July, up 10% from a year ago. Export value jumped 13% to $710.5 million, fueled in part by a record $244.5 million for leading market Mexico. Through the first seven months of 2024, pork exports were 4% above last year at 1.76 million mt. Export value was just under $5 billion – up 6% from a year ago, when pork exports set an annual value record of $8.16 billion.
"Mexico was definitely the pacesetter for U.S. pork again in July, but demand was also outstanding in Central America, Colombia and the Caribbean,” said USMEF President and CEO Dan Halstrom. “Pork exports to Korea also continued to perform well in what is shaping up to be a record year".
Record value for Mexico headlines robust month for pork exports
After softening modestly in June, pork exports to leading market Mexico roared back in July at $244.5 million – up 29% from a year ago and the highest on record. Export volume was also outstanding, climbing 24% to 100,577 mt. January-July exports are on a record pace, climbing 8% above last year at 663,777 mt, while export value jumped 15% to $1.45 billion. Mexico’s hog price surged in July and limited domestic availability contributed to the large increase in demand for U.S. pork.
Pork exports to Colombia are also on a record pace, with July shipments climbing 11% from a year ago to 8,570 mt, valued at $24.8 million (up 16%). Through July, exports to Colombia increased 29% in volume (65,497 mt) and 40% in value ($182.3 million). This performance comes despite persistent technical obstacles for meat shipments to Colombia, which were recently addressed in seminars held in Bogota and Cartagena.
Led by an exceptionally strong year-over-year increase in Honduras, July pork exports to Central America climbed 18% to 10,790 mt, valued at $34.9 million (up 28%). With shipments trending higher to every market in the region and on a record pace to Honduras, Guatemala, Costa Rica, El Salvador and Nicaragua, January-July exports to Central America increased 20% from a year ago to 85,322 mt, while value soared 31% to $266 million.
Other January-July results for U.S. pork exports include:
- A rebound in the Dominican Republic and newfound demand in Cuba pushed July pork exports to the Caribbean to 9,247 mt, up 47% from a year ago, while value climbed 51% to $29.5 million. January-July exports to the DR remained below last year’s record pace but still topped 56,000 mt. In addition to significant growth in Cuba (4,524 mt, up nearly 500%), January-July exports also increased to Trinidad and Tobago, Leeward-Windward Islands, Netherlands Antilles, Cayman Islands, and Turks and Caicos Islands.
- July pork exports to South Korea totaled 13,674 mt, up 16% from a year ago but the lowest volume of 2024. Export value reached $49.2 million, up 30%. Pork shipments to Korea are poised to set annual records in 2024, with January-July exports reaching 149,093 mt, up 31% from a year ago, while value climbed 37% to $508.9 million.
- Pork exports to Japan were also the lowest of the year in July but still above year-ago levels. July shipments totaled 26,571 mt, up 5%, while export value increased 2% to $109.3 million. Through July, exports to Japan remained slightly below last year’s pace in both volume (208,121 mt, down 2%) and value ($846.3 million, down 1%).
- July pork exports to Australia totaled 6,887 mt, up 3% from a year ago, while value climbed impressively – up 19% to $26.6 million. Through July, exports to Australia – which are limited to processed products and raw material for further processing – increased 36% to 54,374 mt, valued at $194.1 million (up 41%). Although July shipments to New Zealand were below last year, January-July exports still increased 47% to 7,761 mt, valued at $29.1 million (up 33%).
- Exports to the ASEAN region were close to year-ago levels in July and export volume through July was up 8% to 47,119 mt. Export value fell 1% to $102 million. Volume growth is in variety meat exports to the Philippines and muscle cuts to Malaysia and Vietnam.
- While pork exports to China/Hong Kong are running well below last year’s pace, the region remains the leading export destination for U.S. pork variety meat. Through July, variety meat shipments totaled 187,954 mt, down 6% from a year ago, while value fell 16% to $444.4 million.
- U.S. pork exports to Taiwan remain limited, even as Taiwan’s hog price approaches record levels and availability of European pork remains constrained. Taiwan’s local inspectors are increasingly harassing importers of U.S. pork and despite customers’ desire to utilize U.S. pork, these risks continue to suppress trade. January-July exports totaled 5,693 mt, down 55% from a year ago, though still above the pace of 2021 and 2022. Export value was $17.1 million, down 59% year-over-year.
- Pork export value equated to $66.52 per head slaughtered in July, up 2% from a year ago. The January-July average was $66.54 per head, up 4% from the first seven months of 2023. Exports accounted for 29.7% of total July pork production, down slightly from the large year-ago ratio, and 25.9% for muscle cuts only (up slightly). For January through July, exports accounted for 30.4% of total production and 26.2% for muscle cuts, each up about one-half percentage point from a year ago.
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