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US November exports hit new value record

11 January 2018

US Meat Export Federation (USMEF) reports that November pork exports totalled 223,962 metric tons, down slightly from 2016. But through the first 11 months of 2017, export volume remained on pace for a new record at 2.23 million mt - up 7% year-over-year.

November export value was a record-high $615.8 million, up 5% year-over-year and just the fourth time monthly export value has topped $600 million, reports the USMEF. Through November, pork export value increased 10% to $5.9 billion. Through the first 11 months of the year, per-head export value averaged $53.18, up 7%.

Highlights

In South Korea, where most US pork now enters the market duty-free under the Korea-US Free Trade Agreement (KORUS), strong November growth pushed January-November volume up 28% year-over-year to 153,569 mt, valued at $420 million – up 30%.

Pork exports to Mexico: Through November, volume was up 12% from a year ago to 726,717 mt, while export value increased 15% to $1.37 billion.

In Australia, November exports climbed 29% from a year ago in volume (6,393 mt) and 23% in value to $18.4 million. Through November, exports totalled 62,675 mt (up 9%) valued at $183.8 million (up 14%).

Exports to Japan posted a strong November performance, increasing 4% in volume (38,979 mt) and 7% in value ($164.5 million) from a year ago. This pushed Japan’s 11-month totals up 1% (to 361,401 mt) and 4% (to $1.49 billion), respectively. Chilled pork export volume to Japan was steady at 200,856 mt, while value increased 4% to $949 million.

Pork exports to South America: January-November exports to South America were up 64% from a year ago in both volume (96,763 mt) and value ($248.9 million). Regional growth has been driven by record-large exports to leading market Colombia, while exports to Chile and Peru have also set full-year records.

Exports to Central America and the Dominican Republic were also on a record pace in 2017. Led by strong growth in mainstay markets Honduras and Guatemala, January-November exports to Central America were up 5% year-over-year in volume (65,056 mt) and 8% in value ($158.5 million). Export volume to the Dominican Republic climbed 24% to 28,836 mt, while value increased 31% to $66.2 million.

Pork exports to China/Hong Kong trended lower in 2017: through November, exports to the region dropped 9% year-over-year in volume to 454,816 mt, but value dipped just 1% to $973.9 million. China/Hong Kong is the leading contributor to the aforementioned pork variety meat value record, as January-November variety meat exports increased 4% in volume (293,756) while value soared 17% to $667.6 million.

USMEF President and CEO, Dan Halstrom, commented:

USMEF has made it a priority to help our international customers develop more uses for pork variety meat and to broaden the global market for these products. At a time of record-large pork production, it is especially gratifying to see variety meat export value jump nearly 20 percent, which boosts the bottom line for everyone in the supply chain.

 

To read the full report by USMEF, click here



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