March Pork Exports Strong, Beef Shows Signs of Rebound
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March exports of U.S. pork were the largest since May 2021, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). While below last year’s high volume, March beef exports were the largest since October.
March pork exports totaled 260,195 metric tons (mt), up 17% year-over-year and the ninth largest volume on record. Export value was also ninth largest at $724 million, up 18% from a year ago. These results capped a strong first quarter for U.S. pork as exports reached 716,691 mt, up 14% from a year ago, valued at $1.96 billion (up 15%).
USMEF President and CEO Dan Halstrom notes March pork exports to Mexico were the second largest on record and exports to the Dominican Republic were record-large. He added that exports also strengthened in several Asia Pacific markets.
Beef exports totaled 120,495 mt in March, down 5% from a year ago. Export value fell 17% to $892.6 million, but both volume and value were the highest in five months. Through the first quarter, beef exports were down 8% year-over-year to 326,494 mt, valued at $2.35 billion (down 22%).
March beef exports to Mexico were well above last year, while export growth to the Caribbean was highlighted by a record month for the Dominican Republic. Exports also increased year-over-year to the Philippines, while beef variety meat demand strengthened in South Africa and Peru. March exports to South Korea were below last year but were the largest in 10 months, while exports to China/Hong Kong were the largest since October.
A full summary of the March U.S. red meat export results is available from the USMEF website.