Red Meat Exports Trend Higher in March; Beef Export Value Highest in Nine Months
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Exports of U.S. beef, pork and lamb trended higher year-over-year in March, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Beef export value was the highest since June, while Latin American markets again fueled pork export growth, as USMEF President and CEO Dan Halstrom explains in this audio report.
March beef exports totaled 109,330 metric tons (mt), up 1% from a year ago, while export value reached $922 million – up 4% and the highest since June. Export value per head of fed slaughter was the seventh highest on record at $466.77.
March export growth was led by strong performances in Taiwan, Mexico, Central America, Chile and Africa. Exports also increased slightly to China, though this momentum will be short-lived due to China’s retaliatory tariffs and expired plant registrations. March exports were steady year-over-year to Japan and modestly lower to South Korea.
First-quarter beef exports were slightly below last year’s pace at 310,368 mt, but increased 2% in value to $2.53 billion.
March pork exports increased 3% year-over-year to 269,344 mt, valued at $769.7 million (up 4%). Export value per head slaughtered was outstanding in March, reaching the second highest figure on record at $73.91.
March export growth was once again fueled by Mexico and Central America, while shipments to Colombia were the second largest on record. Exports to Korea, which had slowed significantly in recent months, were the largest in nearly a year, while shipments trended higher year-over-year to the Philippines and Cuba but slowed to Japan.
First-quarter pork exports were slightly above last year’s record value pace at $2.11 billion, but slightly lower in volume (754,488 mt).
Plant eligibility for China is less of an issue for U.S. pork than for U.S. beef, as China renewed most pork establishments in mid-March. But Halstrom cautioned that both pork and beef exports to China have since hit a wall due to China’s prohibitive duties, which now total 172% for U.S. pork and 147% for U.S. beef.