October exports of U.S. pork had been the most important in additional than a 12 months, and beef export quantity additionally elevated from a 12 months in the past, in accordance with knowledge launched by USDA and compiled by the U.S. Meat Export Federation (USMEF). U.S. beef exports are on a document tempo in 2022 and have already exceeded $10 billion, the info revealed.
U.S. pork exports reached 238,198 metric tons (mt) in October, up 5% from a 12 months in the past and the most important since June 2021, USMEF reported. Pork export worth additionally elevated, up 13% to $697.3 million, the very best since Could 2021. October export highlights included a brand new worth document for Mexico ($203.1 million) and robust progress to South Korea, the ASEAN and the Dominican Republic.
October pork exports to China/Hong Kong additionally improved, climbing 37% from a 12 months in the past to 57,345 mt, valued at $141.3 million (up 39%). Whereas pushed largely by strengthening demand for selection meat (see above), USMEF stated pork muscle reduce exports to the area additionally elevated 16% to 19,846 mt, valued at $54.1 million (up 37%). Although coming too late to influence October exports, USMEF stated China’s easing of some COVID restrictions is anticipated to finally present a lift for shopper demand, particularly within the nation’s beleaguered foodservice sector.
USMEF President and CEO Dan Halstrom famous that the October pork outcomes had been bolstered by excellent progress in selection meat exports, which set a brand new worth document at $126.2 million. Export quantity was the second largest on document at greater than 55,000 mt.
“The latest rebound in pork selection meat exports is great information for the U.S. trade on a number of totally different fronts,” Halstrom stated. “Whereas exports to China have regained momentum, our ongoing efforts to diversify locations for pork selection meats are positively paying dividends. Bigger shipments additionally mirror an improved labor state of affairs on the plant degree, which has helped enhance the seize fee for selection meat gadgets.”
Even with the beneficial properties in October, nonetheless, U.S. pork exports since January are 12% beneath final 12 months at 2.18 million mt, valued at $6.26 billion (down 8%).
Beef exports climate change fee storm
October beef exports totaled 125,466 mt, up 8% from a 12 months in the past. Export worth was $929.8 million, down 3% from the massive whole reported in October 2021.
In line with USMEF, demand for U.S. beef in China/Hong Kong remained resilient in October, rising considerably from a 12 months in the past regardless of China’s COVID-related journey restrictions and periodic lockdowns in a number of main metropolitan areas. China/Hong Kong was the main vacation spot for U.S. beef in October at 26,170 mt, up 21% from a 12 months in the past, whereas worth climbed 19% to $240.8 million.
China/Hong Kong is now the second highest worth vacation spot for U.S. beef, trailing solely South Korea, USMEF added.
Export quantity to Japan was regular with final 12 months and shipments elevated to South Korea, however export worth to each markets was negatively impacted by slumping currencies. In the meantime, October beef exports achieved sturdy progress to the ASEAN, Center East and Canada.
Within the first 10 months of 2022, beef export worth elevated 18% from final 12 months’s document tempo to succeed in $10.05 billion – topping $10 billion in a single 12 months for under the second time. January-October export quantity was 1.25 million mt, up 4% from a 12 months in the past.
“The October outcomes had been exceptional contemplating the headwinds dealing with U.S. beef, particularly in our massive Asian markets,” Halstrom stated. “Key currencies such because the Japanese yen and Korean gained had sunk to their lowest ranges in a long time versus the U.S. greenback, which clearly affected importers’ shopping for energy. COVID lockdowns in China had been additionally a regarding issue, particularly for patrons within the foodservice sector. However regardless of all that, U.S. beef nonetheless carried out very effectively in Asia and achieved strong progress in North America and the Center East. With some latest enchancment in change charges, beef exports are well-positioned to surpass final 12 months’s data.”
Full outcomes for October can be found on the USMEF web site.
