U.S. pork and beef exports continued to build momentum in October, with both achieving double-digit increases from a year ago, according to statistics released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
October pork exports totaled 201,936 metric tons (mt), up 14 percent year-over-year and the largest monthly volume since March 2014. Export value was $521.1 million, up 16 percent. For January through October, export volume was 6 percent above last year's pace at 1.86 million mt, while export value was up 3 percent to $4.79 billion.
Exports accounted for 25.5 percent of total pork production in October and 21 percent for muscle cuts only. For January-October, exports accounted for 25 percent of total production - up a full percentage point from a year ago - and 21 percent for muscle cuts, up slightly. Export value per head slaughtered averaged $47 in October, up 8 percent year-over-year, while January-October export value averaged $49, steady with the same period last year.
October beef export volume was 105,938 mt, up 12 percent from a year ago, while export value climbed 10 percent to $559.5 million. For January through October, export volume was up 9 percent from a year ago at 954,868 mt, while value was down 3 percent to $5.1 billion. Beef muscle cut exports were especially strong in October at 75,903 mt - the largest volume in two years.
Beef exports accounted for 14 percent of total production in October and 11 percent for muscle cuts only. January-October ratios were just over 13 percent and 10 percent, respectively - up slightly from the same period last year. Export value per head of fed slaughter averaged $269.35 in October, up 5 percent year-over-year. Through the first 10 months of 2016, export value averaged $254.71 per head, down 8 percent.
"With pork production at a record level and beef production also on the rise, it is imperative that we work to expand global demand and accelerate the volume of product entering the international markets," said Philip Seng, USMEF president and CEO. "With strong support from USDA, our U.S. industry partners and our international contacts, USMEF has intensified its marketing efforts in key destinations and capitalized on opportunities to regain market share - not only in mainstay markets such as Japan, Mexico and South Korea, but in a wide range of countries. This has laid the groundwork for a strong finish to this year and further growth in 2017."
Beef exports set new monthly record in Taiwan; chilled exports continue to shine
October beef exports were highlighted by a record performance in Taiwan, where volume was up 90 percent from a year ago to 5,177 mt. This pushed January-October exports to Taiwan to 35,241 mt (up 20 percent year-over-year) valued at $284.9 million, up 7 percent and on track for a new record.
October exports were also outstanding to Japan, where volume soared 40 percent to 20,089 mt valued at $119.8 million (up 34 percent). January-October exports to Japan were up 21 percent in volume (213,636 mt) and 13 percent in value ($1.24 billion). Japan's October imports of chilled U.S. beef exceeded chilled imports from Australia for the second consecutive month.
In Korea, October exports were 16,897 mt (up 63 percent year-over-year) valued at $98.8 million (up 68 percent). January-October exports to Korea were 139,592 mt valued at $814.2 million, up 36 percent and 21 percent, respectively, from a year ago. Export value to Korea is on pace to exceed the 2014 record of $847.4 million, and with a strong finish could approach the $1 billion mark in 2016.
Chilled beef exports to both Japan and Korea have excelled in 2016, with shipments to both markets up nearly 40 percent year-over-year. Through October, chilled exports were the largest on record to Korea and the largest to Japan since 2003.
Other January-October highlights for U.S. beef exports include:
- Despite the persistent weakness of the peso, beef exports to Mexico were up 8 percent from a year ago to 195,799 mt, though export value to Mexico has trended lower this year ($812.1 million, down 11 percent).
- While January-October exports to Hong Kong were lower year-over-year (86,943 mt, down 6 percent, valued at $525.2 million, down 18 percent), October exports were easily the largest of the year in both volume (11,998 mt) and value ($72.8 million).
- Fueled by strong growth in Indonesia and Vietnam, exports to the ASEAN region increased 27 percent in volume (22,206 mt) and 3 percent in value ($119 million).
- Despite a decline to leading destination Egypt, beef liver exports increased 9 percent to 67,394. Larger volumes to Mexico and the addition of South Africa, a promising liver market that reopened earlier this year, offset lower shipments to Egypt, which takes about 75 percent of U.S. liver exports.