Pork exports surge, Beef and Lamb face decline in key markets
USAgNet - 01/15/2024
U.S. pork exports for November 2023 were nothing short of remarkable, reaching their highest value since mid-2021. According to the U.S. Meat Export Federation (USMEF), the total value of pork exports soared to $737.4 million, marking a 2% increase from the previous year. This achievement represents the seventh-highest total on record for pork exports.
What fueled this surge in pork exports was the strong demand from Mexico, Central America, and Colombia. Mexico emerged as one of the largest destinations for U.S. pork, purchasing more pork between January and November than it did for the entire year of 2022. Additionally, there was robust growth in pork exports to South America, with Peru, Chile, and Colombia contributing significantly.
While pork exports thrived, U.S. beef and lamb exports faced challenges in November. Demand from key markets like South Korea, Japan, and mainland China weakened due to sustained inflationary pressures impacting consumer demand. Exports to these markets saw declines of 17%, 22%, and 24%, respectively, compared to the previous year.
The challenges in the beef and lamb sectors are expected to ease in 2024 but marketing the value attributes of U.S. beef remains crucial. Despite these hurdles, there are bright spots, with exports rebounding in Mexico and strong demand in several Western Hemisphere markets.
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