Pork Exports See Growth, Driven by Mexico
The U.S. Meat Export Federation (USMEF) has released a report indicating a significant upturn in pork exports for 2023, contrasting with the challenges faced in the beef sector.
Pork exports in October showed a 3% increase compared to the same month last year, contributing to a 9% rise in the first ten months of 2023 over the same period in 2022. The total value of pork exports by U.S. processors reached $6.6 billion, marking a 6% growth from last year.
Dan Halstrom, President and CEO of USMEF, highlighted the substantial role of the Mexican market in this growth. “The U.S. pork industry is currently experiencing exceptional demand in Mexico, contributing significantly to revenue maximisation,” he stated. Growth was also noted in other regions of the Western Hemisphere and in the Asia-Pacific market.
In Mexico alone, pork exports amounted to 895,221 metric tons in 2023, a 13% increase, with the export value rising by 16% to $1.9 billion. Other markets showing notable growth include Colombia, with a 35% increase, Central America, with a 12% increase, and South Korea, importing nearly 150,000 metric tons of U.S. pork, valued at $493.7 million.
In contrast, China, a former major market for U.S. pork, saw a 9% decrease in whole muscle exports in October, though pork variety exports increased by 4% to 280,682 metric tons, valued at $720.4 million.
Beef Exports Struggle Amid Economic Pressures
The beef export market, however, is contending with economic challenges. In October, there was a 17% decrease in beef exports year-over-year, with a 13% decrease in the first ten months of 2023 from 2022’s record levels.
The total value of beef exports also witnessed a 17% downturn, standing at $8.32 billion.
Halstrom attributed these challenges to economic factors in major Asian markets, leading to a shift in consumer preference towards more affordable protein sources.
“While the Asian foodservice sector’s recovery has been slower than expected, we are hopeful for a stronger resurgence in 2024,” he said. He also mentioned potential economic improvements in these regions, which could revitalise the beef market.
Exports to Japan, South Korea, and China have decreased by 22%, 16%, and 25%, respectively. However, Mexico has shown positive growth, with a 15% increase in U.S. beef imports, reaching 171,399 metric tons.
