January 15, 2023

 

Value of US pork exports hit record in November 2023

 

 

Exports of US pork in November 2023 reached their highest value since mid-2021, according to data released by the US Department of Agriculture and compiled by the US Meat Export Federation (USMEF).

 

The increase was linked to record performances in Mexico, Central America, and Colombia.

 

November pork exports totaled 258,601 metric tonnes, up 5% from a year ago and the highest in six months. Export value was up 2% to US$737.4 million, the highest since May 2021 and the seventh highest on record. For January through November, exports totaled 2.64 million metric tonnes, up 8% from a year ago, valued at US$7.39 billion (up 5%).

 

November pork exports to leading market Mexico set a value record at US$221.3 million, up 5% from the large total posted a year ago. Export volume (100,313 metric tonnes) increased 14% and was the second largest on record, trailing only October 2023. Even with new suppliers to Mexico, the US share of Mexico's imported pork market increased in 2023, reaching 84%.

 

Led by outstanding growth in Honduras, Guatemala and El Salvador, pork exports to Central America set monthly volume and value records in November. Shipments increased 35% from a year ago to 16,565 metric tonnes, while value surged 37% to US$51.3 million.

 

November pork exports to Colombia set a value record at US$34.3 million, up 59% from a year ago, while November volume was the second largest on record at 12,148 metric tonnes (up 46%). The record performance in Colombia and robust growth in Chile and Peru pushed November pork exports to South America to the largest levels in two years. Shipments increased 55% from a year ago to 15,056 metric tonnes, the sixth largest on record, while value jumped 58% to US$43.2 million, the third highest on record.

 

Exports to Chile were the largest in 11 years and exports to Peru were the largest since June.

 

Although November US pork exports to the Dominican Republic were slightly below the large totals posted in 2022, monthly exports still surpassed 10,000 metric tonnes for just the fifth time.

 

November was an excellent month for pork exports to South Korea, increasing 19% from a year ago to 17,406 metric tonnes, while value was up 18% to US$57.7 million. The US share of South Korea's imports increased from 26% to 32%, as the European Union's market share declined.

 

Pork exports to Oceania made an impressive rebound in 2023 and this trend continued in November, with shipments nearly tripling from a year ago to 6,414 metric tonnes (up 186%), while value increased 128% to US$23.3 million.

 

November pork exports to Japan were steady with the previous year at 26,890 metric tonnes, while value increased slightly to US$111.6 million.

 

Pork exports to China/Hong Kong, which are primarily variety meat, trended substantially lower in November, pushing January-November shipments 4% below the previous year's pace at 466,511 metric tonnes, while value fell 6% to US$1.18 billion.

 

- USMEF