Pork Exports Continue to Gain Momentum in November; Beef Export Value Sets Annual Record
You may download the audio file here
November exports of U.S. pork were the largest of 2022 in both volume and value, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). November beef exports were below the large year-ago totals, but 2022 export value already set a full-year record of nearly $11 billion.
In this report, USMEF President and CEO Dan Halstrom outlines what has driven the growth in pork exports and explores the continued optimism on global beef demand.
Pork exports reached 245,663 metric tons (mt) in November, up 3% from a year ago, while export value climbed 10% to $725.1 million. In both volume and value, exports were the highest since May 2021. For January through November, pork exports were 10% below the previous year at 2.43 million mt, valued at just under $7 billion (down 7%).
Pork exports to Mexico and the Dominican Republic were record-large in November, with shipments to Mexico topping $200 million for the second consecutive month.
November beef exports totaled 115,777 mt, down 6% from the previous year’s large volume, while export value declined nearly 20% to $846.6 million. However, through the first 11 months of 2022, beef export value still increased 14% year-over-year to $10.9 billion, already topping the full-year record ($10.58 billion) set in 2021. January-November export volume was 1.36 million mt, up 3% from the record pace of 2021.
Through November, U.S. beef exports already set full-year value records in several markets. This includes South Korea and China/Hong Kong, where exports topped $2.5 billion and $2.4 billion, respectively. Export value also reached new annual highs in Taiwan, the Philippines and Singapore.
A detailed summary of the January-November export results for U.S. pork, beef and lamb is available from the USMEF website.