U.S. pork exports construct momentum; beef export worth units annual document

November exports of U.S. pork have been the biggest of 2022 in each quantity and worth, in accordance with information launched by USDA and compiled by the U.S. Meat Export Federation. November beef exports have been beneath the big year-ago totals, however 2022 export worth already set a full-year document of almost $11 billion.

Pork exports reached 245,663 metric tons in November, up 3% from a 12 months in the past, whereas export worth climbed 10% to $725.1 million. In each quantity and worth, exports have been the very best since Could 2021. For January via November, pork exports have been 10% beneath the earlier 12 months at 2.43 million mt, valued at slightly below $7 billion (down 7%).

Pork exports to Mexico and the Dominican Republic have been record-large in November, with shipments to Mexico topping $200 million for the second consecutive month. Exports additionally trended increased year-over-year to China/Hong Kong, South Korea and the Philippines. November outcomes have been additionally bolstered by wonderful progress in pork selection meat exports, which have been up greater than 25% year-over-year. 

“I can not say sufficient concerning the great efficiency of the Mexican market and its significance to the U.S. pork business,” stated USMEF President and CEO Dan Halstrom. “U.S. pork faces heightened competitors in Mexico, particularly with the current suspension of import duties. However U.S. business efforts to teach the commerce and shoppers concerning the excellent high quality, consistency and worth of U.S. pork proceed to pay dividends and elevate general demand. The rebound in pork selection meat exports can be good news for the U.S. business, reflecting broad-based demand progress and an improved labor scenario.”

November beef exports totaled 115,777 mt, down 6% from the earlier 12 months’s giant quantity, whereas export worth declined almost 20% to $846.6 million. Nonetheless, via the primary 11 months of 2022, beef export worth nonetheless elevated 14% year-over-year to $10.9 billion, already topping the full-year document ($10.58 billion) set in 2021. January-November export quantity was 1.36 million mt, up 3% from the document tempo of 2021. 

By way of November, U.S. beef exports already set full-year worth data in a number of markets. This consists of South Korea and China/Hong Kong, the place exports topped $2.5 billion and $2.4 billion, respectively. Export worth additionally reached new annual highs in Taiwan, the Philippines and Singapore.

“Much like the earlier month, November outcomes for U.S. beef exports mirrored extreme headwinds in our giant Asian markets,” Halstrom stated. “Key currencies within the area have been nonetheless slumping, which impacted the shopping for energy of importers and shoppers. COVID instances and lockdowns in China have been additionally intensifying, prompting widespread protests and the eventual lifting of many restrictions. However the U.S. greenback primarily peaked in late October and early November and international demand has remained comparatively sturdy. Even with a excessive degree of financial uncertainty, 2022 has been a unbelievable 12 months for U.S. beef exports and the outlook for the approaching 12 months stays optimistic.”

November exports of U.S. lamb muscle cuts greater than doubled the year-ago quantity, reaching 247 mt (up 129%), whereas export worth elevated 72% to $1.38 million. For January via November, exports elevated 72% to 2,125 mt, valued at $12.5 million (up 61%). Whereas 2022 progress was primarily pushed by sturdy demand within the Caribbean, November exports have been bolstered by bigger shipments to Mexico and Canada. 

A detailed summary of the January-November export outcomes for U.S. beef, pork and lamb, together with market-specific highlights, is out there from the USMEF web site.