April 15, 2024

US pork exports rose by 14% in February

US pork exports in February increased 14% from a year ago to 250,930 metric tons, while value jumped 15% to US$685.1 million, according to the US Meat Export Federation.

Through the first two months of 2024, exports increased 10% in both volume (502,354 metric tons) and value (US$1.37 billion).

US pork exports to leading market Mexico remained on a remarkable roll in February, increasing 21% from a year ago to 94,272 metric tons – the eighth highest on record – while value jumped 22% to US$189.5 million. Through February, shipments to Mexico totaled 196,453 metric tons, 12% above last year's record pace, while value increased 15% to US$396.8 million.

Demand for US pork continues to rebound in South Korea, where shipments have accelerated significantly since late 2023. February exports reached 21,217 metric tons, soaring 71% above last year, while export value increased 74% to US$69.3 million. Through February, exports to South Korea increased 61% in volume (41,944 metric tons) and 62% in value (US$137 million).

Pork exports to South America are off to a strong start in 2024. February shipments increased 58% from a year ago to 13,132 metric tons, while value climbed 65% to US$37.9 million. Through February, exports to the region increased 56% to 24,596 metric tons, valued at just under US$70 million.

January-February pork exports to Australia more than tripled from a year ago, climbing 232% to 17,553 metric tons, valued at US$62.9 million (up 229%). Due to import restrictions, most US pork shipped to Australia is raw material for further processing, but value-added processed US products have also gained traction in the market.

Malaysia continues to emerge as a promising growth market for US pork. Through February, shipments to Malaysia totaled 844 metric tons, up 848% over last year's low volumes. Export value increased 734% to US$2.5 million.

- USMEF