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. USMEF President and CEO Dan Halstrom outlined what has driven the growth in pork exports and explores the continued optimism on global beef demand.
?Really, the story continues to center around Mexico,? Halstrom said. ?We had an increase in value over a very large number a year ago. But the real story is about the value side, second month in a row where we’ve been over $200 million, and exports of pork to Mexico were already a value record for the year to Mexico as well through 11 months. In addition, Dominican Republic also has set a record and we’re up substantially there. Pork variety meats continue to see dramatic growth. Globally 50,000 tons exported up over 40,000 a year ago. The dominant player volume wise, of course, is China, things like stomachs, and tongues and hearts, etc. But it’s not the only outlet. Mexico is also big in pork feet and stomachs, things like this. The Philippines is big. Canada, you have product as well going to Japan and Central America. So, I think similar to the to the muscle cut side, the theme here on the variety meat side is the diversification aspect of variety meats, appears to be working very well.?
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 and the Dominican Republic were record-large in November, with shipments to Mexico topping $200 million for the second consecutive month.
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. Halstrom said export value also reached new annual highs in Taiwan, the Philippines, and Singapore.
?Korea, China/Hong Kong, and Taiwan lead the way there,? Halstrom said. ?The other thing of note here is that the Asian markets, the last couple of months, have been performing relatively well given some of the headwinds, not the least of which is the strong U.S. dollar. We were a little bit worried about November, just because of the strong dollar and in the case of Korea, China/Hong Kong, and Taiwan, it’s kind of still kind of proved us wrong that the demand is still outweighing some of these headwinds.?
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.
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