According to new data released by USDA and compiled by the U.S. Meat Export Federation (USMEF), March exports of U.S. pork were the largest since May 2021. And while below last year’s high volume, March beef exports were the largest since October.
March pork exports totaled 260,195 metric tons (mt), up 17% year-over-year and the ninth largest volume on record. Export value was also ninth largest at $724 million, up 18% from a year ago. These results capped a strong first quarter for U.S. pork as exports reached 716,691 mt, up 14% from a year ago, valued at $1.96 billion, up 15%.
USMEF President and CEO Dan Halstrom notes March pork exports to Mexico were the second largest on record.
Beef exports totaled 120,495 mt in March, down 5% from a year ago. Export value fell 17% to $892.6 million, but both volume and value were the highest in five months. Through the first quarter, beef exports were down 8% year-over-year to 326,494 mt, valued at $2.35 billion, down 22%.
Halstrom says beef sales to Mexico are up 17%.
While March beef exports to Mexico were well above last year, export growth to the Caribbean was highlighted by a record month for the Dominican Republic. Exports also increased year-over-year to the Philippines, while beef variety meat demand strengthened in South Africa and Peru. March exports to South Korea were below last year but were the largest in 10 months, while exports to China/Hong Kong were the largest since October.
March Pork Exports Largest in Nearly Two Years; Beef Exports Show Signs of Rebound
Published: May 05, 2023
March exports of U.S. pork were the largest since May 2021, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). While below last year’s high volume, March beef exports were the largest since October.
March pork exports totaled 260,195 metric tons (mt), up 17% year-over-year and the ninth largest volume on record. Export value was also ninth largest at $724 million, up 18% from a year ago. These results capped a strong first quarter for U.S. pork as exports reached 716,691 mt, up 14% from a year ago, valued at $1.96 billion (up 15%).
March exports of U.S. pork were the largest since May 2021, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). While below last year’s high volume, March beef exports were the largest since October.
March pork exports totaled 260,195 metric tons (mt), up 17% year-over-year and the ninth largest volume on record. Export value was also ninth largest at $724 million, up 18% from a year ago. These results capped a strong first quarter for U.S. pork as exports reached 716,691 mt, up 14% from a year ago, valued at $1.96 billion (up 15%).
Beef exports totaled 120,495 mt in March, down 5% from a year ago. Export value fell 17% to $892.6 million, but both volume and value were the highest in five months. Through the first quarter, beef exports were down 8% year-over-year to 326,494 mt, valued at $2.35 billion (down 22%).
“U.S. beef exports faced considerable headwinds late last year and at the beginning of 2023, but the March results show some encouraging trends,” Halstrom said. “Most Asian markets showed renewed momentum in March, while exports continued to trend higher to Mexico, the Caribbean and South Africa.”
Mexico is the pacesetter, but pork exports strengthen in several regions
March was another terrific month for pork exports to Mexico, which remain well above last year’s record pace. March exports totaled 95,030 mt, up 15% from a year ago and the second largest on record (behind January 2023), while value climbed 31% to $195.7 million. First quarter shipments to Mexico were up 11% to 270,056 mt, while value soared 34% to $541.7 million. Brazilian pork gained access to Mexico late last year, and small volumes have arrived in the market. Brazil reported shipments to Mexico of 27 mt in February and 189 mt in March.
March pork exports to the Dominican Republic totaled 13,181 mt, up 87% from a year ago and shattering the previous record (10,681 mt) set in February. Export value to the DR also reached a record $33.6 million, up 88%. With a rapid rebound in tourism, strong retail demand, a significant tariff advantage over other major suppliers and domestic production still limited due to African swine fever (ASF), first quarter exports to the DR climbed 72% from last year’s record pace to 32,047 mt, while export value was up 87% to $85.1 million. Exports also trended higher to the Bahamas, Leeward-Windward Islands, Netherlands Antilles and Cayman Islands and rebounded to Trinidad and Tobago, pushing first quarter shipments to the Caribbean up 63% to 36,598 mt, valued at $101.5 million (up 72%).
With reduced import tariffs and domestic production still struggling to recover from ASF, demand for U.S. pork is strengthening in the Philippines. March exports were the largest since August at 5,077 mt, up 65% from a year ago, valued at $9.6 million (up 42%). First quarter exports to the Philippines totaled 11,769 mt, up 49%, while export value climbed 43% to $28.9 million. For the ASEAN region, first quarter exports increased 49% in volume (13,960 mt) and 40% in value ($35.2 million). Exports to Malaysia are on a record pace at 556 mt, up from just 73 mt a year ago, including record-large shipments of 467 mt in March as Malaysian production is also impacted by ASF and high input costs.
Other first quarter highlights for U.S. pork exports include:
- March pork exports to South Korea increased 26% from a year ago to 19,054 mt, with value up 14% to $58.6 million. This pushed the first quarter volume 3% above last year’s pace at 45,059 mt, though value was still down 7% to $143.4 million.
- After trending lower in recent years, pork exports to Australia – a key market for boneless hams and loins for further processing – have started to rebound in 2023. First quarter exports climbed 26% from a year ago in both volume (10,106 mt) and value ($36 million).
- Pork exports to Japan also edged higher in March, increasing 4% to 33,297 mt, though value was slightly lower at $133.1 million. For the first quarter, exports to Japan trailed last year’s pace by 1% in volume (90,329 mt) and 8% in value ($362.8 million).
- Exports to China/Hong Kong continue to trend well above year-ago levels, with first quarter shipments up 29% to 134,881, while export value increased 26% to $352.2 million, mainly driven by the strong growth in variety meats.
- Demand for U.S. pork is also rebounding in Taiwan, where first quarter shipments nearly tripled the low volume posted a year ago, climbing 191% to 1,492 mt. Export value soared 275% to $5.5 million.
- While China/Hong Kong (see above) remains the top destination for U.S. pork variety meat, first quarter exports also increased significantly to Mexico, the Philippines, Colombia, the Dominican Republic, Honduras and Vietnam. First quarter shipments totaled 147,338 mt, up 37% from a year ago, while value increased 23% to $345.6 million.
- March pork export value equated to $63.15 per head slaughtered, up 15% from a year ago, while the first quarter average increased 11% to $60.29. March exports accounted for 29.1% of total pork production and 25% for muscle cuts only. The first quarter ratios were 28.2% and 24.1%, respectively, up from 25.4% and 22.6% in the first quarter of 2022.
Beef exports improving after slow start to the year
Mexico continued to be a bright spot for U.S. beef exports in March, with shipments up 17% from a year ago to 17,454 mt, valued at $97.3 million (up 26%). This pushed first quarter exports to 50,509 mt, up 16% from a year ago, while value increased 17% to $283.6 million. One factor bolstering Mexico’s beef demand in 2023 is the strength of the peso, which has given Mexican customers greater purchasing power compared to buyers in several other key markets. Mexico is the largest volume destination for U.S. beef variety meat, with first quarter exports …..
A full summary of the March U.S. red meat export results is available on the USMEF website.