Beef Export Value Shatters Annual Record; Pork Still on Record Pace
Beef export values continue to soar, according to data released by USDA and compiled by the U.S. Meat Export Federation, with growth on pace to exceed $10 billion in 2021.
Beef exports reached 115,709 metric tons in October, up 7.5% from a year ago, while export value climbed 48% to $956.9 million – the second-highest total on record, behind August 2021. Through the first 10 months of the year, beef exports totaled 1.19 million metric tons, up 17% from a year ago. Export value increased 38% to $8.53 billion, surpassing the 2018 record ($8.33 billion) with two months to spare.
"USMEF has always prioritized market diversification, and this is more critical than ever now that the red meat industry faces unprecedented transportation challenges and rising input costs," said President and CEO Dan Halstrom. "Exports will likely reach about $18 billion in 2021, which is a remarkable achievement. While global demand is tremendous and we are cautiously optimistic about further growth in 2022, supply chain pressures are not easy to overcome and are a growing concern for exporters and their international customers."
Incredibly, USMEF projects beef exports to top $2 billion in each of three key Asian markets – South Korea, Japan and China/Hong Kong. Exports have already surpassed previous annual records in China/Hong Kong and Central America and October exports to Colombia were record-large.
Shipments to Mexico and Colombia bolster October pork exports
Pork exports totaled 226,206 metric tons in October, down 7% from a year ago, while export value slipped 3.5% to $618.8 million. For January through October, pork exports were up slightly from a year ago in volume (2.47 million metric tons) and increased 8% in value ($6.84 billion). Exports to Mexico continued to strengthen in October as shipments reached a new monthly high of 83,929 metric tons, up 38% from a year ago. January-October exports to Mexico are ahead of the record pace established in 2017, when full-year shipments exceeded 800,000 metric tons and topped $1.5 billion in value.
Pork exports to Central America and the Dominican Republic continued to shine in October and have already set annual records, while exports to Colombia have rebounded to pre-COVID levels. Although China's demand for pork muscle cuts has softened significantly, it remains a critical, value-adding destination for U.S. pork variety meat.
