Analysis Pigs & Pork
US pork export continues to impress
The results of the American pork export are once again strong, as evidenced by data from the American Meat Export Federation (USMEF). The exports to Asia and Central America remain high. However, it is noteworthy that exports to South Korea are starting to decline.
In September, exports increased by 8% compared to the previous year to 238,000 tons. The value of exports increased by 6% to $685.1 million. In the first nine months of the year, the volume increased by 5% to 2.23 million tons. The value increased by 7% during that period to $6.36 billion.
Exports to Mexico account for the largest volumes. According to USMEF, the value of Mexican exports spread across the entire American pork industry would be approximately $20 per carcass. The total export to the southern neighbors of the United States reached 91,500 tons in September, 38.4% of the total. This is an increase of 3% compared to the previous year. The underlying value surprisingly decreased slightly to $206.6 million.
In the first three quarters of the year, exports increased by 7% to 850,000 tons. The value of exports increased by 12% during this period to $1.89 billion. USMEF expects Mexico's exports to exceed $2.5 billion by the end of the year.
Strong Asian exports
Exports to Japan increased by 6% in September to 24,500 tons, and the value of exports from the region increased by 7% to $104.5 million during that period. Exports to the Philippines, Malaysia, and Singapore showed the strongest relative growth. Due to new outbreaks of African swine fever (ASF), imports from the region increased significantly. The United States remains a relatively small exporter to the region. The total export amounts to 7,700 tons. However, the growth in relative terms is significant. Overall, exports to the region increased by 83%. The value of exports increased by 82% to $16 million.
Exports to South Korea declined slightly after a strong first half of the year. Exports decreased by approximately 11% to 10,077 tons in September. In the first nine months of the year, exports were 25% higher than the previous year, with a total of 170,000 tons exported. The value of exports was 30% higher, reaching $582.4 million. In Oceania, exports grew very strongly in relative terms. The combined export to Australia and New Zealand increased by 41% to 7,700 tons. The value increased by 50% to $28.9 million. These results are in line with the export performance for the rest of the year. In the first three quarters, exports increased by 33% to 76,500 tons.
Strong Central American exports as well
However, the majority of the growth comes from other markets. One of them is the Central American market. Exports to this region increased by 36% to 13,000 tons in September, and the value increased by 42% to $41.9 million. Over the first nine months of 2024, exports increased by 109,500 tons, and the value increased by 333% to $344 million.
Exports to Colombia also increased significantly. Exports increased by 43% to 11,000 tons. The value of exports increased by 22% to $33.4 million. In the first three quarters of 2024, exports increased by 37% to 90,000 tons. The value of exports increased by 44% to $255.3 million.
