HLSR All Breed Sale 20232023 S.A. All Breed Sale
Advertise With Us Subscribe Today Facebook
SouthernLivestock.com
Not a member? Membership has its privileges— Register today! • Make SLS your homepage!
home articles Industry News |

Pork exports continue to gain momentum; beef export value sets annual record

published: January 20th 2023
source: USMEF

November exports of U.S. pork were the largest of 2022 in both volume and value, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). November beef exports were below the large year-ago totals, but 2022 export value already set a full-year record of nearly $11 billion. 

      Pork exports reached 245,663 metric tons (mt) in November, up 3% from a year ago, while export value climbed 10% to $725.1 million. In both volume and value, exports were the highest since May 2021. For January through November, pork exports were 10% below the previous year at 2.43 million mt, valued at just under $7 billion (down 7%).

      Pork exports to Mexico set another value record in November, topping $200 million for the second consecutive month, and volume was record-large at 87,809 mt. Overall results were also bolstered by excellent growth in variety meat exports, which were up more than 25% year-over-year at just over 50,000 mt, valued at $116.9 million – up 21% and the fourth highest on record, driven by growth to China and Mexico. 

      “I cannot say enough about the tremendous performance of the Mexican market and its importance to the U.S. pork industry,” said USMEF President and CEO Dan Halstrom. “U.S. pork faces heightened competition in Mexico, especially with the recent suspension of import duties. But U.S. industry efforts to educate the trade and consumers about the outstanding quality, consistency and value of U.S. pork continue to pay dividends and elevate overall demand. The rebound in pork variety meat exports is also excellent news for the U.S. industry, reflecting broad-based demand growth and an improved labor situation.” 

      November beef exports totaled 115,777 mt, down 6% from the previous year’s large volume, while export value declined nearly 20% to $846.6 million. However, through the first 11 months of 2022, beef export value still increased 14% year-over-year to $10.9 billion, already topping the full-year record ($10.58 billion) set in 2021. January-November export volume was 1.36 million mt, up 3% from the record pace of 2021. 

      “Similar to the previous month, November results for U.S. beef exports reflected severe headwinds in our large Asian markets,” Halstrom said. “Key currencies in the region were still slumping, which impacted the buying power of importers and consumers. COVID cases and lockdowns in China were also intensifying, prompting widespread protests and the eventual lifting of many restrictions. But the U.S. dollar mainly peaked in late October and early November and global demand has remained relatively strong. Even with a high level of economic uncertainty, 2022 has been a fantastic year for U.S. beef exports and the outlook for the coming year remains positive.” 

Despite November slowdown, beef export value sets records in key markets

      In addition to setting a global value record with one month to spare, U.S. beef exports also set annual value records in several individual markets. This included value leader South Korea, where January-November exports reached $2.51 billion – already a full-year record not only for Korea, but for any single destination. November export volume to Korea increased slightly year-over-year to 23,612 mt, despite economic obstacles and a trucker strike that slowed cargo movement near the end of the month. November export value was $185.6 million, down 24% from the large total posted a year ago. January-November export volume to Korea was up 4% to 267,664 mt and the market is well-positioned to break the 2021 volume record when December results are available. 

      November beef exports to China/Hong Kong also held fairly steady year-over-year, declining only slightly to 20,233 mt, while export value fell 10% to $184.3 million. These results were impressive, given the economic turmoil resulting from China’s COVID-related restrictions and widespread protests that escalated late in the month. January-November exports to the region set new annual records, increasing 20% in volume (263,431 mt) and 27% in value ($2.41 billion). China’s recent lifting of most COVID restrictions has fueled optimism among importers, especially those serving the foodservice and hospitality sectors, but the benefits of these policy changes are likely to be delayed until China works through its current wave of COVID cases. 

      Led by growth in the Philippines and Vietnam, November was another strong month for beef exports to the ASEAN. Growth is widespread in the region, as exports to the Philippines, Singapore and Cambodia already set annual records and shipments to Thailand are on a record pace. Despite facing significant tariff disadvantages in the ASEAN and the added costs of the strong U.S. dollar, January-November exports increased 20% from a year ago to 60,168 mt, while value climbed 60% to $427.5 million. 

      Other January-November results for U.S. beef exports include:

·       Despite trending lower in the second half of 2022, beef exports to Taiwan already surpassed the previous annual value record through November at $698.4 million, up 16% from a year ago. Export volume is also at a record pace at 60,472 mt, up 5% from a year ago and well-positioned to top the 2020 record of 63,752 mt. 

·       Exports to Japan, the leading volume market for U.S. beef, took a step back in November, falling 13% in volume (23,840 mt) and 36% in value ($155.8 million) from the large year-ago totals. January-November shipments to Japan totaled 284,158 mt, down 4% from a year ago, while value remained slightly above the record pace of 2021 at $2.17 billion. 

·       While beef exports to the Middle East also declined in November, shipments to the region still achieved significant growth in 2022. Through the first 11 months of the year, exports reached 60,772 mt, up 5% from a year ago, while export value jumped 42% to $278.7 million. In Egypt, the leading destination for U.S. beef livers, exports slipped 3% to 43,396 mt, but value still climbed 32% to $85.6 million. For beef muscle cuts, export growth was driven by Saudi Arabia, Qatar, the United Arab Emirates, Israel and Kuwait. 

·       November beef exports to Canada climbed 11% from a year ago to 9,170 mt, while export value increased 5% to $65.3 million. Through November, exports to Canada were 4% above the previous year’s pace at 96,671 mt, while value increased 13% to $771.7 million. Export value to Canada will reach its highest level since 2015, when shipments totaled just over $900 million. 

·       January-November exports of beef variety meat were steady with the previous year at 274,336 mt. But these items commanded higher prices, as export value increased 18% to $1.15 billion – already topping the full-year record of $1.09 billion reached in 2021, led by value growth in Japan, Mexico, China, Egypt, Korea and the ASEAN. 

·       November beef export value equated to $382.46 per head of fed slaughter, down 20% from a year ago, but the January-November average was still up 13% to $452.42. Exports accounted for 13.9% of total November beef production and 11.9% for muscle cuts only, down from 15.2% and 12.9%, respectively, in November 2021. The January-November ratios were 15.2% and 13%, each up 2/10 of a percentage point from a year ago. 

 

      Complete January-November export results for U.S. pork, beef and lamb are available from USMEF’s statistics web page at https://www.usmef.org/news-statistics/statistics/.

 

 

Site:   Home   Publications   Market Reports   Sale Reports   Sale Calendar   Cattle & Service Directory   Full Commodities Report   Services   About Us   Contact Us

Article Categories:   All   Industry News   Herd Health   Feed & Nutrition   Pastures & Forages   Reproduction   Marketing   Columnists   Production   Genetics & Performance   Weather Forecast   Breed News   Producer Feature Stories   Items of Interest   New Products   Recipes

User:   Login   Logout   Register/Profile   Submit Market Report   Submit Sale Report