Beef Export Value Climbs in June; Pork Trends Lower but Posts Strong First Half
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June exports of U.S. beef reached the highest value in nearly two years, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). While June pork exports were lower year-over-year, shipments through the first half of the year remained ahead of the record value pace of 2023. USMEF President and CEO Dan Halstrom gives details on both beef and pork exports through the first half of 2024 in this week’s Audio Report.
Beef exports totaled 110,155 metric tons (mt) in June, down 4% from a year ago but the second largest of 2024. Export value reached $938.3 million, up 3% year-over-year and the highest since August 2022. Exports trended higher to Japan and were the third largest on record to Taiwan, while shipments to Canada were the largest in nearly a decade. June exports to South Korea were below last year but rebounded compared to May. Through the first half of the year, beef export value climbed 5% from a year ago to $5.22 billion, despite a 4% decline in volume (643,733 mt).
June pork exports totaled 224,392 mt, down 9% from a year ago and the lowest since September, while export value fell 5% to $659.7 million. June exports to leading market Mexico were modestly lower year-over-year but still increased in value, while shipments to Korea remained very robust. Other top performers for U.S. pork in June included Central America, the Caribbean and Canada. January-June pork exports reached 1.52 million mt, 3% above the first half of 2023, while export value increased 5% to $4.26 billion.