May 9, 2024

 

US pork exports in March 2024 rose 0.1% in volume

 

 

March exports of US pork were steady with 2023's volume and edged higher in value, according to data released by the US Department of Agriculture and compiled by the US Meat Export Federation (USMEF).

 

Beef exports were below March 2023's large volume, but export value was the highest since June 2023.

 

Pork exports totaled 260,430 metric tons in March, up 0.1% from a year ago, valued at US$740.8 million – up 2% year-over-year and the seventh highest on record.

 

March shipments to South Korea were among the largest on record, while exports also increased substantially to Central America, Colombia, Oceania, Vietnam and Malaysia. Pork export value per head slaughtered averaged US$70.85, the highest in nearly three years and the fifth highest on record.

 

"Another strong month on the pork side, and one that illustrates the importance of export market diversification," noted USMEF president and chief executive officer Dan Halstrom. "Shipments to Mexico cooled a bit, reflecting the earlier timing for Easter, and yet the global total remained very robust through increases to (South) Korea, Colombia, Central America and Australia. When export value exceeds US$70 per head slaughtered, that's welcome news for pork producers and the entire supply chain."

 

Through the first quarter, US pork exports increased 6% to 762,784 metric tons, while export value climbed 7% to US$2.11 billion. Although shipments to leading market Mexico trended lower in March, first-quarter exports to Mexico were still ahead of last year's record pace.

 

March beef exports totaled 108,218 metric tons, down 10% from the large volume posted a year ago but still the highest of 2024. Export value was US$889.9 million, down slightly from a year ago (-0.3%) but the highest in nine months. March export value equated to US$454.62 per head of fed slaughter, the highest since mid-2022.

 

March highlights included the third largest volume on record to the Caribbean, including an all-time high to the Dominican Republic and shipments to the Middle East strengthened significantly. While March volumes to South Korea and Mexico were below last year, export value still trended higher.

 

"Beef demand in the Caribbean was outstanding in March, and we continued to see a strong rebound in the Middle East as well as some positive signs in Korea and Japan, where the foodservice recovery is making progress," Halstrom said. "It's a challenging situation in terms of supply availability, but the value US beef commands internationally is very encouraging – as evidenced by March export value climbing to more than US$450 per head."

 

January-March beef exports totaled 311,865 metric tons, down 4% from the first quarter of 2023, but export value increased 6% to US$2.48 billion.

 

Markets achieving first quarter value growth included South Korea, Mexico, Hong Kong, the Middle East, the Caribbean, Central America, Colombia, the Philippines and Singapore.

- USMEF