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United States pork exports increased 6% in the first quarter to 762,784 mt, while export value climbed 7% to $2.11 billion.
Through the first quarter, exports to Korea climbed 54% above the year-ago pace in volume (69,452 mt) and jumped 59% in value ($227.6 million). After several years in the #5 position for U.S. pork exports, Korea has surpassed Canada as the fourth largest export destination, trailing only Mexico, China, and Japan.
First quarter exports to the Central America were up 21% to 37,681 mt, valued at $114.8 million (up 31%).
Shipments to Mexico finished the first quarter on a record pace, up 4% from a year ago in volume (281,261 mt) and 6% higher in value ($575.1 million).
January-March exports to Oceania climbed 151% from a year ago to 28,271 mt, with value up 139% to $101.8 million. Most U.S. pork entering this region is raw material for further processing, and the U.S. industry has been rapidly regaining market share from the European Union. Value-added processed products from the U.S. have also gained popularity in Oceania.
Robust growth in Colombia fueled a strong first quarter for pork exports to South America, which increased 46% from a year ago to 36,180 mt. Export value jumped 54%, reaching $103.4 million. First quarter shipments to Colombia increased 50% to 32,012 mt, while value soared 64% to $88 million. The Colombian peso has recovered from its lows against the U.S. dollar, which helps support purchasing power and importer confidence. Colombia’s hog prices have also remained strong.
First-quarter pork exports to Japan trended slightly lower than a year ago, falling 2% to 88,473 mt. Export value was down 1% to $357.6 million, as Japan remained the #2 value destination for U.S. pork, trailing only Mexico.
Despite lower shipments to the Philippines, first-quarter exports to the ASEAN region increased 6% from a year ago to 14,811 mt, valued at $31.6 million (down 10%). Exports continued to soar to Malaysia, jumping 170% year-over-year to 1,503 mt, while value increased 163% to $4.6 million. A strong March performance pushed first-quarter exports to Vietnam to 1,528 mt, up 78%, while value climbed 87% to $2.9 million.
Large domestic supplies and economic headwinds continue to weigh on China/Hong Kong’s demand for imported pork. In the first quarter, U.S. exports fell 16% from a year ago to 113,248 mt, while export value was down 24% to $266.8 million. The region is the largest destination for U.S. pork variety meat exports, which declined at a less severe pace, falling 4% in volume (82,165 mt) and 14% in value ($195 million).
May 3, 2024/ USMEF/ United States.
https://www.usmef.org
