November Pork Export Value Highest in 30 Months; Asia Headwinds Persist for Beef

Fueled by record performances in Mexico, Central America and Colombia, November exports of U.S. pork reached the highest value since mid-2021, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). U.S. beef exports slowed in November, recording the third lowest value of 2023.

With a month to spare, pork exports set numerous annual records

November pork exports totaled 258,601 metric tons (mt), up 5% from a year ago and the highest in six months. Export value was up 2% to $737.4 million, the highest since May 2021 and the seventh highest on record. November volume and value to Central America were record-large, while export value reached new heights in Mexico and Colombia. November exports also increased significantly to South Korea and Oceania.

For January through November, pork exports totaled 2.64 million mt, up 8% from a year ago, valued at $7.39 billion (up 5%). Annual records were already achieved in Mexico, the Dominican Republic, Malaysia and Indonesia, while exports to Central America are on a record pace. Pork export value per head slaughtered ($63.12) was also record-high through November.

“The momentum for U.S. pork exports is remarkable and very broad-based,” said USMEF President and CEO Dan Halstrom. “While Mexico accounts for much of the past year’s export growth, there are success stories throughout the Western Hemisphere and across the entire globe. And the coming year also looks very promising in both established and emerging markets.”

Solid demand for U.S. beef in Western Hemisphere, but struggling in Asia

Beef exports totaled 99,029 mt in November, down 14% from a year ago and the second lowest of the year, while value fell 7% to $786.2 million. For the first 11 months of the year, beef exports were 13% below the record pace of 2022 at 1.18 million mt, while value declined 17% to $9.11 billion. Beef exports increased year-over-year to Mexico, Central America, the Dominican Republic and Hong Kong, but trended significantly lower to South Korea, Japan and China. Exports to Taiwan were below the record levels of 2022, but did not decline as sharply as in the larger Asian markets.

“There are certainly bright spots for U.S. beef, with exports rebounding in Mexico and demand in several Western Hemisphere markets the strongest we’ve seen in years,” Halstrom said. “But economic conditions in our largest Asian markets and the sharp rebound in Australian production and exports have been persistent obstacles over the past year, making it a sharp contrast with the tremendous 2022 performance for U.S. beef exports. Despite these challenges, we still see sustained demand for chilled U.S. beef, and the U.S. remains the dominant supplier of chilled beef entering Korea, Japan and Taiwan.”