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

November exports of U.S. pork had been the most important of 2022 in each quantity and worth, in line with information launched by USDA and compiled by the U.S. Meat Export Federation. November beef exports had been beneath the massive year-ago totals, however 2022 export worth already set a full-year report of almost $11 billion.

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

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

“I can not say sufficient concerning the super efficiency of the Mexican market and its significance to the U.S. pork trade,” mentioned USMEF President and CEO Dan Halstrom. “U.S. pork faces heightened competitors in Mexico, particularly with the latest suspension of import duties. However U.S. trade 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 also be good news for the U.S. trade, reflecting broad-based demand development and an improved labor scenario.”

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

Via 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 mentioned. “Key currencies within the area had been nonetheless slumping, which impacted the shopping for energy of importers and shoppers. COVID instances and lockdowns in China had 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 world demand has remained comparatively sturdy. Even with a excessive degree of financial uncertainty, 2022 has been a incredible yr for U.S. beef exports and the outlook for the approaching yr stays constructive.”

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 by means of November, exports elevated 72% to 2,125 mt, valued at $12.5 million (up 61%). Whereas 2022 development was primarily pushed by sturdy demand within the Caribbean, November exports had 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 offered from the USMEF web site.