One other $1 billion month for U.S. beef exports; pork under final 12 months

U.S. beef exports once more topped $1 billion in July and posted the fifth-largest quantity on document, in keeping with knowledge launched by USDA and compiled by the U.S. Meat Export Federation. Pork exports remained under final 12 months’s tempo however continued to realize energy in Colombia and the Caribbean and stayed above year-ago for Mexico, the main vacation spot for U.S. pork. 

July beef exports totaled 126,567 metric tons, up 3% year-over-year. Export worth elevated 7% to $1.006 billion, topping the $1 billon mark for the sixth time this 12 months. Japan was the pacesetter for July exports, however volumes additionally elevated year-over-year to China/Hong Kong, the ASEAN area, Central America, the Caribbean and Colombia. July exports eased for South Korea and Taiwan, although each markets stay on a document tempo in 2022.

For the primary seven months of the 12 months, beef exports elevated 6% from a 12 months in the past to 870,471 mt, valued at $7.2 billion (up 29%). Export worth per head of fed slaughter is on a document tempo at greater than $475.00.

“International demand for U.S. beef continues to be amazingly resilient, particularly on the retail degree,” says USMEF President and CEO Dan Halstrom. “Exports have additionally benefited from a partial rebound within the foodservice sector however this restoration is much from full. Many markets are nonetheless step by step easing COVID restrictions, so we positively see alternatives for additional development as restaurant site visitors returns. Headwinds stay formidable, nevertheless, together with additional devaluation of key buying and selling associate currencies.” 

U.S. pork exports reached 208,095 mt in July, down 6% from a 12 months in the past, valued at $625 million (down 5%). For January via July, exports had been 17% under final 12 months at just below 1.5 million mt, valued at $4.24 billion (down 15%). 

Exports to Mexico, the highest marketplace for U.S. pork, stay effectively above final 12 months’s document tempo, whereas shipments to Colombia, the Caribbean and South Korea continued to strengthen in July. Exports to China/Hong Kong had been decrease than a 12 months in the past in July however posted the biggest quantity since September and the best worth in 12 months.

“July pork exports had been under final 12 months however the excellent news is that the per-unit value of U.S. pork is trending increased within the worldwide market, even whereas our main rivals’ costs stay under year-ago ranges,” Halstrom says. “Export worth per head in July reached $67.10, practically even with year-ago and the best since final July. We’re additionally inspired by the current trendlines for pork selection meat exports, particularly to China and Mexico.”

July exports of U.S. lamb muscle cuts reached 161 mt, up from simply 49 mt final 12 months. Export worth totaled $949,000, up 58% from a 12 months in the past. By July, muscle minimize exports elevated 94% to 1,282 mt, valued at $7.7 million (up 82%). Led by the Dominican Republic and the Netherlands Antilles, exports to the Caribbean greater than doubled from a 12 months in the past to 645 mt (up 110%) and elevated 99% in worth to $4.7 million. Exports additionally elevated to Mexico, the Philippines and Panama.

An in depth abstract of January-July pink meat export outcomes, together with market-specific highlights, is obtainable from the USMEF web site.

Supply: USMEF, which is solely chargeable for the knowledge supplied, and wholly owns the knowledge. Informa Enterprise Media and all its subsidiaries usually are not chargeable for any of the content material contained on this info asset.