Agricultural News
Strong Momentum Continues for U.S. Beef Exports; Pork Exports Trend Lower
Mon, 14 Mar 2022 17:36:15 CDT
Coming off a record-breaking performance in 2021, U.S. beef exports remained red-hot in January, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Pork exports continued to trend lower in January, despite another outstanding month for exports to leading market Mexico.
Wide range of markets fuel another $1 billion month for beef exports
Beef exports totaled 119,066 metric tons (mt), up 13% from a year ago, while value soared 57% to $1.03 billion. This was the third-highest value total on record - trailing only August and November of last year - and export value per head of fed slaughter set a new record, exceeding $500 for the first time. Export value to South Korea set a new record - topping $300 million - and strong year-over-year increases were achieved in China/Hong Kong, Japan, Taiwan, the Caribbean and Central America.
"This is a truly remarkable run for U.S. beef exports, and the momentum is not limited to our large Asian markets," said USMEF President and CEO Dan Halstrom. "Regions such as Central America and the Caribbean contributed significantly to January export growth, and export value made strong gains in the Middle East."
Strong pork exports to Mexico, but global shipments trend lower
January pork exports totaled 208,808 mt, down 16% from a year ago, while export value fell 14% to $555.6 million. Exports to Mexico were outstanding, up 36% from a year ago to more than 87,000 mt. Exports to the Dominican Republic, Costa Rica and El Salvador also continued to gain momentum and export value to Korea jumped significantly, but shipments to most other markets were below last year.
As expected, the continued rebound in China's pork production has slowed demand for U.S. pork, but Halstrom also noted the impact of additional headwinds.
"We have spoken often over the past year about port congestion and other logistical challenges, and shipping costs are heavily impacting the U.S. pork industry's ability to serve certain markets," he said. "Australia, for example, has been a very reliable destination for U.S. hams for further processing, but shipping raw material to Oceania is becoming cost-prohibitive.
The low price of European pork is also impacting demand in other further-processing markets such as Southeast Asia and Taiwan. This underscores the importance of our Western Hemisphere markets, where the U.S. industry continues to pursue new strategies for increasing pork consumption and expanding demand. It is also a reminder that the U.S. industry must continue to strive for market diversification, so we are well-prepared for shifts in the competitive landscape."
Lamb exports trend higher, led by strong demand in Mexico
January exports of U.S. lamb totaled 1,533 mt, up 49% from a year ago, while export value climbed 59% to $1.9 million. Variety meat exports to leading market Mexico accounted for $1.3 million of the value total, a year-over-year increase of 73% and a new monthly record. Lamb muscle cut exports were higher year-over-year to Mexico, the Caribbean and Panama.
A detailed summary of the January red meat export results, including market-specific highlights, is available from the USMEF website
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