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February pork exports increased 14% from a year ago to 250,930 metric tons (mt), while value jumped 15% to $685.1 million. Through the first two months of 2024, exports increased 10% in both volume (502,354 mt) and value ($1.37 billion).
Pork exports to leading market Mexico remained on a remarkable roll in February, increasing 21% from a year ago to 94,272 mt – the eighth highest on record – while value jumped 22% to $189.5 million. Through February, shipments to Mexico totaled 196,453 mt, 12% above last year’s record pace, while value increased 15% to $396.8 million.
Demand for U.S. pork continues to rebound in Korea, where shipments have accelerated significantly since late 2023. February exports reached 21,217 mt, soaring 71% above last year, while export value increased 74% to $69.3 million. Through February, exports to Korea increased 61% in volume (41,944 mt) and 62% in value ($137 million).
Pork exports to South America are off to a strong start in 2024. February shipments increased 58% from a year ago to 13,132 mt, while value climbed 65% to $37.9 million. Through February, exports to the region increased 56% to 24,596 mt, valued at just under $70 million.
January-February pork exports to Australia more than tripled from a year ago, climbing 232% to 17,553 mt, valued at $62.9 million (up 229%). Due to import restrictions, most U.S. pork shipped to Australia is raw material for further processing, but value-added processed U.S. products have also gained traction in the market.
Malaysia continues to emerge as a promising growth market for U.S. pork. Through February, shipments to Malaysia totaled 844 mt, up 848% over last year’s low volumes. Export value increased 734% to $2.5 million.
April 5, 2024/ USMEF/ United States.
https://www.usmef.org
