Exports: Pork Off to Rapid Start; Beef Trends Mixed
The January 2024 export data finds pork racing to a great start for the year while beef export volume was lower amid higher values. Lamb exports were strong in January, posting the highest value in more than four years, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
Pork Posts Strong Gains
Pork’s leading export market Mexico led the way in January while continued gains in a range of other Western Hemisphere markets helped pork exports total 251,424 metric tons in January, up 6% from a year ago. Export value increased 6% to $682.1 million.
“Mexico’s demand for U.S. pork is so spectacular that it tends to overshadow other great success stories,” said USMEF President and CEO Dan Halstrom. “It is especially gratifying to see other markets following the trail blazed by Mexico, as purchases expand beyond raw material for further processing to include center-of-the-plate cuts, including loins, which are gaining popularity at retail and foodservice.”
Beef Exports
Beef exports totaled 99,764 metric tons, down 1% from last year but export value jumped 9% to $763.8 million. The value gains were led higher by strong variety meat sales. Beef variety meat exports increased 12% from a year ago to 23,138 mt, while value climbed 16% to $89 million, led by growth in Japan, Egypt, Mexico, Korea, Peru and China/Hong Kong.
“While USMEF expects 2024 to be another challenging year in terms of beef supply availability, the upward trend in export value is a positive sign,” Halstrom said. “The inventory has been cleared and customers in Asia are reloading on U.S. beef. There is also more optimism in Asia’s foodservice sector, especially in Korea. Combined with the recent strength we’ve seen in the Western Hemisphere, this bodes well for beef demand in the coming year. January was also an excellent month for beef variety meat exports, which are especially important for maximizing the value of every animal.”
January exports of U.S. lamb totaled 303 mt, up 28% from a year ago and the largest since March. Export value increased 53% to $1.7 million, the highest monthly value since December 2019. Export growth was led by the Caribbean and Canada, while exports to Mexico also increased year-over-year in value.
