May 14, 2008

 

US pork exports soar 41 percent in Q1 on weak dollar

 

 

US red meat exports gained momentum in the first quarter of 2008 with pork shipments increasing by 41 percent and beef exports by 29 percent attributed to a weak US dollar, the US Meat Export Federation reported.

 

Erin Daley, USMEF manager of research and analysis, said pork and beef sectors would see continued strong performance in overseas markets amid a growing shortage of shipping containers.

 

Daley pointed out that the issue on lacking containers might become more significant

During the second quarter with the South Korean beef market opening up.

 

US pork exports for the first quarter of the year totaled 366,411 tonnes, or 39 percent more than the same period last year. Combined with pork variety exports, the sector sold 454,042 tonnes to international markets valued at more than US$1 billion.

 

Japan, the biggest pork importer during the quarter, purchased 105,780 tonnes valued at US$336.6 million, up 11 percent.

 

At the same time, Japan's imports from the EU, specifically from Denmark, fell by 20 percent.

 

Daley said the trend is expected to continue as Danish hog numbers fall by 10.4 percent in April. Danish pork producers are said to be losing US$72 per hog slaughtered due to high feed prices, the European Market Survey (MLC Economics) disclosed.

 

US pork shipments to China and Hong Kong valued at nearly US$170 million totaled 102,469 tonnes, 280 percent more than the first quarter of 2007.

 

Chinese import statistics reported that the US was the largest supplier during the first quarter, followed by the EU (France and Denmark) and Canada.

 

China's pork production is expected to remain around 16 percent below the peak of 2005 due to continued disease outbreaks.

 

The USDA estimated that the decrease in Chinese production is around 6 million tonnes.