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. USMEF President and CEO Dan Halstrom said March pork exports to Mexico were the second largest on record and exports to the Dominican Republic were record-large.
?The largest month since May of 2021- 260,000 tons globally exported, growth of 17%,? Halstrom said. ?Mexico continues to lead the way, the second largest month ever in March for Mexico: 95,000 tons, up 15%. These trends have been going on really for the past year in Mexico. Dominican Republic, another market that continues to set a record with a record in March, a broad-based rebound in the Asian markets for pork in the month of March. We had the Philippines up significantly, up 65% versus a year ago. Korea had an outstanding month of 19,000 tons, up 26%, and Australia as well was up big at 4800 metric tons, up 73%. I think this Asian situation is indicative of you know the rebound post-COVID, but also the change in the EU pork situation with shorter supplies in the EU and much higher prices. So, I say the outlook for the rest of the year is pretty optimistic on the pork side.?
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%). While still below last year?s record pace, Halstrom said March beef exports showed some promising signs, particularly with continued strength in Mexico.
?Overall, I would say a much better tone compared to the first two months of the year if you look at comparisons to the month of March,? Halstrom said. ?Mexico continues to really excel for the beef side, 17,400 tons, up 17%. This is a trend that really started in January as well, January, February and March had been pretty strong for Mexico. I might also point out that on Mexico, it is our largest beef variety meat destination, and that was up about 13% for the quarter.?
Beef 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.
For more information, visit usmef.org.
