May Beef Export Value Highest in 11 Months; Pork Exports Below Year-Ago
Hear/Download the Audio Report HERE.
The value of U.S. beef exports topped $900 million in May, the highest since June 2023, according to data released by USDA and compiled by USMEF. Pork exports posted another solid performance in May, but were below last year in both volume and value. USMEF President and CEO Dan Halstrom has details in this Audio Report.
May beef exports totaled 110,133 metric tons (mt), down 5% from a year ago but the second largest of 2024. Beef export value reached $902.4 million in May, 3% above last year and the highest in 11 months. Exports trended higher year-over-year to Japan, Mexico, the ASEAN Region, the Middle East, the Caribbean and Central America – which included a record month for Guatemala. May export value was also higher for Taiwan. For January through May, beef exports followed a similar trend, increasing 5% year-over-year in value to $4.29 billion, despite a 4% decline in volume (533,578 mt).
May pork exports totaled 251,447 mt, down 4% from a year ago, valued at $715.8 million (down 2%). Shipments to leading market Mexico were below last year’s large volume but still trended higher in value, topping $200 million. Exports increased year-over-year to South Korea, the ASEAN region, Central America and Colombia and held steady to Japan. Through the first five months of the year, pork exports were up 6% to 1.29 million mt, while export value was 7% above last year’s record pace at $3.6 billion.
May pork exports equated to $67.64 per head slaughtered, down 2% from a year ago, but the January-May average was still up 5% to $66.54. Exports accounted for 30.7% of total May pork production. May beef export value equated to $410.94 per head of fed slaughter, up 3% from a year ago. The January-May per-head average was $410.40, up 5%. Exports accounted for 13.8% of total May beef production.
More details are available from the USMEF website.