November exports of U.S. pork have been the most important of 2022 in each quantity and worth, in keeping with information launched by USDA and compiled by the U.S. Meat Export Federation. November beef exports have been under the big year-ago totals, however 2022 export worth already set a full-year document of practically $11 billion.
Pork exports reached 245,663 metric tons in November, up 3% from a yr in the past, whereas export worth climbed 10% to $725.1 million. In each quantity and worth, exports have been the best since Might 2021. For January by means of November, pork exports have been 10% under the earlier yr at 2.43 million mt, valued at slightly below $7 billion (down 7%).
Pork exports to Mexico and the Dominican Republic have been record-large in November, with shipments to Mexico topping $200 million for the second consecutive month. Exports additionally trended increased year-over-year to China/Hong Kong, South Korea and the Philippines. November outcomes have been additionally bolstered by glorious development in pork selection meat exports, which have been up greater than 25% year-over-year.Â
“I can’t say sufficient concerning the super efficiency of the Mexican market and its significance to the U.S. pork trade,” mentioned USMEF President and CEO Dan Halstrom. “U.S. pork faces heightened competitors in Mexico, particularly with the current suspension of import duties. However U.S. trade efforts to coach the commerce and customers concerning the excellent high quality, consistency and worth of U.S. pork proceed to pay dividends and elevate general demand. The rebound in pork selection meat exports can also be good news for the U.S. trade, reflecting broad-based demand development and an improved labor scenario.”
November beef exports totaled 115,777 mt, down 6% from the earlier yr’s giant quantity, whereas export worth declined practically 20% to $846.6 million. Nevertheless, by means of the primary 11 months of 2022, beef export worth nonetheless elevated 14% year-over-year to $10.9 billion, already topping the full-year document ($10.58 billion) set in 2021. January-November export quantity was 1.36 million mt, up 3% from the document tempo of 2021.Â
By November, U.S. beef exports already set full-year worth data in a number of markets. This contains South Korea and China/Hong Kong, the place exports topped $2.5 billion and $2.4 billion, respectively. Export worth additionally reached new annual highs in Taiwan, the Philippines and Singapore.
“Much like the earlier month, November outcomes for U.S. beef exports mirrored extreme headwinds in our giant Asian markets,” Halstrom mentioned. “Key currencies within the area have been nonetheless slumping, which impacted the shopping for energy of importers and customers. COVID circumstances and lockdowns in China have been additionally intensifying, prompting widespread protests and the eventual lifting of many restrictions. However the U.S. greenback primarily peaked in late October and early November and world demand has remained comparatively sturdy. Even with a excessive degree of financial uncertainty, 2022 has been a unbelievable yr for U.S. beef exports and the outlook for the approaching yr stays optimistic.”
November exports of U.S. lamb muscle cuts greater than doubled the year-ago quantity, reaching 247 mt (up 129%), whereas export worth elevated 72% to $1.38 million. For January by means of November, exports elevated 72% to 2,125 mt, valued at $12.5 million (up 61%). Whereas 2022 development was primarily pushed by sturdy demand within the Caribbean, November exports have been bolstered by bigger shipments to Mexico and Canada.Â
A detailed abstract of the January-November export outcomes for U.S. beef, pork and lamb, together with market-specific highlights, is out there from the USMEF web site.
