December 12, 2024

 

US beef and pork exports rise in October 2024

Exports of US beef and pork saw year-over-year increases in October 2024, according to data released by the USDA and compiled by the US Meat Export Federation (USMEF).

 

Pork exports are on track to set annual volume and value records in 2024.

 

Beef exports for October reached 105,269 metric tonnes, marking a 1% increase compared to the same period last year. The value of these exports rose 3% to US$860.4 million. Mexico continued its strong performance as a key market for US beef, while exports rebounded in South Korea and China/Hong Kong. Growth was also observed in Central America, the Caribbean, and the ASEAN region.

 

From January through October, the total value of beef exports climbed 4% year-over-year to US$8.68 billion, despite a 2% decline in volume, which stood at 1.066 million metric tonnes. Dan Halstrom, USMEF president and CEO, noted the importance of regaining momentum in larger Asian markets such as China and Korea, which faced economic challenges throughout the year. Halstrom highlighted the strength of Western Hemisphere markets and the promising expansion of exports to the ASEAN region.

 

Pork exports for October totalled 252,411 metric tonnes, reflecting a 3% year-over-year increase. Export value also rose 3% to US$710.4 million. Although shipments to Mexico, the leading market, dipped slightly, this decline was offset by gains in Japan, Central America, the Caribbean, Oceania, and the ASEAN region.

 

Through the first 10 months of 2024, pork exports increased by 5% compared to the previous year, reaching 2.49 million metric tonnes. Export value rose by 6%, totalling US$7.07 billion. Projections suggest that pork exports will exceed 3 million metric tonnes by year's end, surpassing the 2020 record of 2.98 million metric tonnes and breaking last year's value record of US$8.16 billion.

 

Halstrom emphasised the importance of market diversification, particularly as shipments to Mexico, valued at US$217 million in October, remained significant. He credited duty-free access through the US-Mexico-Canada Agreement as a key driver of pork's success in the Mexican market.

 

Lamb exports also showed steady performance in October, driven by demand in the Caribbean. Total lamb exports for the month reached 185 metric tonnes, up 2% from last year. However, the value declined by 8% to just over US$1 million. The Bahamas contributed to higher demand in the Caribbean, while shipments to Mexico and Canada decreased.

 

For the year through October, lamb exports increased 12% year-over-year to 2,298 metric tonnes, with the total value rising 14% to US$12.1 million.

 

-      National Hog Farmer