Pork performance expected to set annual record as beef exports post monthly gain.
November 6, 2024
September exports of U.S. pork and beef were higher year-over-year, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF), with pork exports well-positioned to set annual volume and value records in 2024.
September pork exports totaled 238,047 metric tons (mt), up 8% from a year ago, while value increased 6% to $685.1 million. Through the first three quarters of the year, pork exports were 5% above last year’s pace at 2.23 million mt, with value up 7% to $6.36 billion.
“U.S. pork’s September performance was especially encouraging because growth was mainly driven by small and medium-sized markets in Central America, Southeast Asia and Oceania, and pork exports to Colombia continue to reach new heights,” said USMEF President and CEO Dan Halstrom. “It was certainly another robust month for pork exports to Mexico and shipments to Japan were above last year. But the broad-based growth reflects the U.S. industry’s strong commitment to market diversification.”
Through September, pork exports to leading market Mexico are on a record pace, as are shipments to Central America, Colombia and several Caribbean markets. Shipments are also up substantially to South Korea, Oceania and the ASEAN region.
“Without a doubt, we are on pace to set a new volume and value record and maybe beat it substantially,” said Halstrom, adding that Q4 exports a continue on the same pace.
Meanwhile on the beef side, exports totaled 103,980 mt in September, up 5% year-over-year, while export value climbed 6% to $843.8 million. January-September exports increased 5% in value to $7.82 billion, despite volume falling 2% to 960,814 mt.
With the exception of China/Hong Kong, September beef exports trended higher than a year ago in all major Asian markets.
“The tourism rebound in Asia has certainly provided momentum for U.S. beef, especially in Japan, Taiwan and Korea,” Halstrom said. “We also saw impressive growth in the Philippines and Indonesia, which are markets where we see a lot of untapped growth potential.”
Mexico was the leading volume market for U.S. beef exports in September, with shipments climbing 20% from a year ago to 19,692 mt. Export value was 19% above last year at $112.1 million. Halstrom commented, “This is really encouraging, because with the higher cutout values, the Mexicans are really turning into value buyers. They understand our quality. Price is not the first thing that comes to mind for them, quality is.”
Also noteworthy, shipments to Central America were the largest in 18 months, with exports up 15% in the month of September.
A detailed summary of the January-September export results for U.S. beef, pork and lamb, including market-specific highlights, is available from the USMEF website.
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