0
Demand for U.S. pork did not fare as well in the first two months of 2022, as logistics challenges were compounded by lower-priced offerings from competitors. Like the U.S., these suppliers are shipping significantly lower volumes to China/Hong Kong, which has pushed more product into other markets at reduced prices.
U.S. February pork exports were 198,539 mt, down 17% from a year ago, while export value fell 14% to $541.3 million.
U.S. pork exports to Mexico reached new heights in 2021 and this strong momentum continued through February. Exports totaled 73,939 mt, up 30% from a year ago, with value increasing 14% to $118.6 million.
After a slow start in 2022, February pork exports to Japan rebounded to 32,712 mt, up 3% from a year ago, with value increasing 6% to $139.8 million. Some pork exports to Japan, such as frozen cuts and ground seasoned pork, have been negatively impacted by the logistical challenges and by heightened competition from the EU.
Pork exports to South Korea continue to post impressive value gains, even as volumes trend slightly lower than a year ago. February exports were 13,044 mt, down 4%, but value still increased 11% to $44.6 million.
Exports to China/Hong Kong dropped significantly from a year ago in both volume (68,420 mt, down 54%) and value ($185.5 million, down 44%). But this trend was consistent with late 2021 and in line with USMEF’s projections, given China’s low hog prices. China’s COVID restrictions on imported meat have also added further costs and limited new sales opportunities. The region is still the dominant destination for U.S. pork variety meat.
April 7, 2022/ USMEF/ United States.
https://www.usmef.org
