August 15, 2008

 

US pork exports surge 67 percent on-year in H1
  
  

US pork exports in the first half of 2008 has reached 1 million tonnes with a value of US$2.3 billion, up 67 percent on-year in volume and 58-percent higher in terms of value, according to the USDA.

 

Strong exports has provided price stability for US pork producers - the pork cutout has set a new record last week at US$90.56 per cwt, exceeding the US$90 mark for the first time, compared to a cutout price of US$75 per cwt last year.

 

Pork values have been driven up by robust prices for export items, and the price increases indicate continued strong pork export demand into August, according to Erin Daley, manager of research and analyst for the US Meat Export Federation (USMEF).

 

China/Hong Kong is the largest importer of US pork and pork variety meats, with shipments soaring 324 percent on-year to 254,445 tonnes with a value of US$439.8 million. Shipments to this region accounted for 6 percent of this year's US pork production, with 24 percent of US pork and pork variety meats destined for foreign markets.

 

Japan imported 221,081 tonnes of US pork, up 21 percent on-year, at a value of US$712.3 million. Mexico followed with a 23-percent increase in volume to 163,307 tonnes at a value of US$270.4 million, and US pork exports to Russia expanded 137 percent in volume on-year to 93,531 tonnes, valued at US$197.7 million.

 

"With pork production running 9 percent over last year, exports have been the clear driver for improved US pork prices," Daley said. "Exports continue to provide critical support for producers who need to cover sharply higher input costs."

 

In June, US exported a total of 192,667 tonnes of pork and pork variety meats, double the export volume in June 2007, at a value of US$451 million.

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