November 8, 2022

US pork exports continue to grow in September, beef exports slow down

Data compiled by the US Department of Agriculture and released by the US Meat Export Federation (USMEF) showed pork exports from the US in September 2022 surpassed 2021 results for the second month in row, while beef shipments in the same month slow down year-on-year for the first time this year, though exports remain on record for the first three quarters of the year, USMEF reported.

Mexico continued to lead pork exports in September, despite shipments declining below the same level for the first time since early 2021. Exports increased to China / Hong Kong, South Korea, and Japan while maintaining a record-breaking pace to the Caribbean and Colombia.

USMEF President and CEO Dan Hallstrom said it is very encouraging that US pork exports continue to gain momentum, especially on the value side, adding that even though Mexican shipments slightly decreased, September's highs were still reached, underscoring the value of market diversification once more.

Beef exports in September totaled 115,487 tonnes and were worth US$890.3 million, both of which were down 7% from the same month last year. Beef exports for the first nine months of 2022 totaled 1.12 million tonnes, which was 4% more than the same period last year. The value of exports increased by 20% to US$9.12 billion, which is already the second-highest total ever for a calendar year (behind only the record of US$10.58 billion set in 2021).

The amount of beef exported to China and Hong Kong in September was higher than it was in the same month last year, despite the no COVID-19 policy in China causing travel restrictions and sporadic lockdowns in major cities. The ASEAN and Caribbean regions saw an increase in shipments as well year over year, but Korea, Japan, and Taiwan saw a decrease.

Although beef exports are still on track to reach new highs in 2022, September's results show that there have been significant headwinds for a while.

Hellstrom said the US beef market has been remarkably resilient, but consumer inflationary pressures and weaker currencies in important markets have undoubtedly made things more difficult. Logistical difficulties, the Chinese trade embargo, and rising inventories in some destinations are all still problems for exports. Considering that just 18 months prior, the nearly US$900 million in September sales was an all-time high, it is difficult to consider them a failure,

He said this clearly demonstrates what a great year this has been for American beef exports.

-      US Meat Export Federation