US red meat exports continue fiery pace in Nov'08

US red meat exports continued its strong pace through November, with pork up 20 percent and beef up 9 percent compared to November 2007.

For the first 11 months of 2008, pork and pork variety meat exports rose 61 percent on-year to 1.9 million tonnes, with value increasing 59 percent to US$4.5 billion.

In the same period, US beef and variety meat exports increased 29 percent to 913,739 tonnes, with value surging 40 percent to US$3.37 billion.

World protein supplies remain tight except in certain key countries where stocks of imported red meat are pressurising the market, specifically in South Korea and China, said Erin Daley, economist with the US Meat Export Federation (USMEF).

Daley said inventories will decline and demand for US red meat exports will continue to be strong as currencies and prices stabilise. While pork exports may not maintain the strong pace of 2008, it is projected to exceed 2007 volumes, Daley said.

US beef and pork prices are lower than they were during the summer, which helps offset the increasing value of the US dollar.

Despite the slowing of global trade in all products, pork exports from major suppliers such as the US and the EU have remained fairly strong from September to November.

However, Brazil's November pork and beef exports fell 50 percent and 35 percent, respectively, compared to November 2007, due to reduced purchases from Russia and Hong Kong.