According to new data released by the U.S. Department of Agriculture (USDA) and compiled by the U.S. Meat Export Federation (USMEF), November exports of U.S. pork were the largest of 2022 in both volume and value, while beef exports were below the large year-ago totals. But, 2022 beef export value already set a full-year record of nearly $11 billion.
USMEF President and CEO Dan Halstrom outlines what has driven the growth in pork exports and explores the continued optimism on global beef demand.
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%).
And while November beef exports were down 6% from the previous year’s large volume, Halstrom notes U.S. beef exports had already set full-year value records in several markets.
November beef exports totaled 115,777 mt, 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.
Through November, U.S. beef exports already set full-year value records in several markets. This includes South Korea and China/Hong Kong, where exports topped $2.5 billion and $2.4 billion, respectively. Export value also reached new annual highs in Taiwan, the Philippines and Singapore.
Pork Exports Continue to Gain Momentum; Beef Export Value Sets Annual Record
Slides of January-November export highlights
(USMEF/DENVER, CO) — 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.”
Record-shattering performance for pork exports to Mexico, Dominican Republic
November pork exports to leading market Mexico increased slightly from a year ago in volume to a record 87,809 mt, while export value soared 38% to a record $210.1 million. For January through November, exports to Mexico totaled 869,526 mt, up 9% from a year ago and just short of the full-year record achieved in 2021. Export value reached $1.84 billion, up 20% year-over-year and already setting an annual record. U.S. pork’s remarkable performance in Mexico comes despite increased competition, with import duties from all eligible pork suppliers suspended since May. Mexico also recently opened for the first time to Brazilian pork, provided …..
Read the full details on November exports on the USMEF website.