October exports of U.S. pork were the largest in more than a year and beef export volume also increased from a year ago, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). U.S. beef exports are on a record pace in 2022 and have already exceeded $10 billion. USMEF President and CEO Dan Halstrom said market diversity and several other factors led to the growth in pork exports.
Pork exports reached 238,198 metric tons (mt) in October, up 5% from a year ago and the largest since June 2021. Pork export value increased 13% to $697.3 million, the highest since May 2021. October export highlights included a new value record for Mexico ($203.1 million) and strong growth to South Korea, the ASEAN, and the Dominican Republic. Pork variety meat exports set a new value record at $126.2 million. Halstrom said the record pace of U.S. beef demand comes despite significant headwinds from inflation and the strong dollar.
October beef exports totaled 125,466 mt, up 8% from a year ago. Export value was $929.8 million, down 3% from the large total reported in October 2021. China/Hong Kong was the leading destination for U.S. beef in October, with export value topping $240 million. Export volume to Japan was steady with last year and shipments increased to South Korea, but export value to both markets was negatively impacted by slumping currencies. In the first 10 months of 2022, beef export value increased 18% from last year?s record pace to reach $10.05 billion ? topping $10 billion in a single year for only the second time.
A detailed report of the January-October export results is available from the USMEF website.
