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Fueled by a record performance in leading market Mexico, pork exports totaled 277,910 metric tons (mt) in April, up 14% from a year ago and the fifth largest on record. Export value climbed 18% to $778.8 million, the third highest on record. For January through April, exports increased 8% to 1.04 million mt, valued at $2.89 billion – up 10% from last year’s record pace.
Pork exports to Mexico in April climbed 34% from a year ago to a record 107,594 mt, as Mexico’s buying surged following the Easter holiday. Export value soared 61% to $240.5 million – also a record. Mexico’s domestic pork prices are strong, and poultry and pork production have been impacted by productivity challenges, limiting the availability of domestic product at a time of strong demand and economic growth.
South Korea continued to show strong demand for U.S. pork in April, with exports reaching 26,286 mt – up 23% from a year ago and the fourth largest on record. Export value totaled $88.9 million, up 33% and the third largest on record.
April pork exports to Japan were the largest in two years at 34,569 mt, up 3% from a year ago, while value increased 5% to $138.7 million. While the persistently weak yen continues to weigh on Japan’s demand for imported meat, domestic pork prices jumped in May, up 11% from last year, and inventories of imported pork at the end of April were down almost 15% from a year ago. Japanese customers have also been looking to U.S. pork to offset limited availability from the European Union.
Pork exports to Central America soared 50% from a year ago to 14,769 mt, the fifth highest on record, while export value jumped 55% to $44.2 million – fourth highest on record.
April pork exports to Colombia climbed 23% from a year ago to 7,650 mt. Export value was $20.7 million, up 34% from a year ago but the lowest since August.
April exports to the ASEAN reached 7,669 mt, up 15% from a year ago, valued at $16.3 million (up 7%).
Pork exports to China/Hong Kong trended substantially lower in the first four months of 2024, falling 15% from a year ago to 154,403 mt, while export value declined 23% to $363.7 million. The region is still the largest destination for U.S. pork variety meat, and shipments of these products have declined less rapidly. Through April, pork variety meat exports to China/Hong Kong were down 3% in volume (110,859 mt) and 13% in value ($262.1 million).
June 7, 2024/ USMEF/ United States.
https://www.usmef.org
