November exports of U.S. pork were the largest of 2022 in both volume and value, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). November beef exports were below the large year-ago totals, but 2022 export value already set a full-year record of nearly $11 billion.
Pork exports reached 245,663 metric tons (mt) in November, up 3% from a year ago, while export value climbed 10% to $725.1 million. In both volume and value, exports were the highest since May 2021. For January through November, pork exports were 10% below the previous year at 2.43 million mt, valued at just under $7 billion (down 7%).
Pork exports to Mexico set another value record in November, topping $200 million for the second consecutive month, and volume was record-large at 87,809 mt. Overall results were also bolstered by excellent growth in variety meat exports, which were up more than 25% year-over-year at just over 50,000 mt, valued at $116.9 million – up 21% and the fourth highest on record, driven by growth to China and Mexico.
“I cannot say enough about the tremendous performance of the Mexican market and its importance to the U.S. pork industry,” said USMEF President and CEO Dan Halstrom. “U.S. pork faces heightened competition in Mexico, especially with the recent suspension of import duties. But U.S. industry efforts to educate the trade and consumers about the outstanding quality, consistency and value of U.S. pork continue to pay dividends and elevate overall demand. The rebound in pork variety meat exports is also excellent news for the U.S. industry, reflecting broad-based demand growth and an improved labor situation.”
November beef exports totaled 115,777 mt, down 6% from the previous year’s large volume, while export value declined nearly 20% to $846.6 million. However, through the first 11 months of 2022, beef export value still increased 14% year-over-year to $10.9 billion, already topping the full-year record ($10.58 billion) set in 2021. January-November export volume was 1.36 million mt, up 3% from the record pace of 2021.
“Similar to the previous month, November results for U.S. beef exports reflected severe headwinds in our large Asian markets,” Halstrom said. “Key currencies in the region were still slumping, which impacted the buying power of importers and consumers. COVID cases and lockdowns in China were also intensifying, prompting widespread protests and the eventual lifting of many restrictions. But the U.S. dollar mainly peaked in late October and early November and global demand has remained relatively strong. Even with a high level of economic uncertainty, 2022 has been a fantastic year for U.S. beef exports and the outlook for the coming year remains positive.”
Record-shattering performance for pork exports to Mexico, Dominican Republic
November pork exports to leading market Mexico increased slightly from a year ago in volume to a record 87,809 mt, while export value soared 38% to a record $210.1 million. For January through November, exports to Mexico totaled 869,526 mt, up 9% from a year ago and just short of the full-year record achieved in 2021. Export value reached $1.84 billion, up 20% year-over-year and already setting an annual record. U.S. pork’s remarkable performance in Mexico comes despite increased competition, with import duties from all eligible pork suppliers suspended since May. Mexico also recently opened for the first time to Brazilian pork, provided that it originates from approved plants in the state of Santa Catarina and goes directly into further processing.
Despite November slowdown, beef export value sets records in key markets
In addition to setting a global value record with one month to spare, U.S. beef exports also set annual value records in several individual markets. This included value leader South Korea, where January-November exports reached $2.51 billion – already a full-year record not only for Korea, but for any single destination. November export volume to Korea increased slightly year-over-year to 23,612 mt, despite economic obstacles and a trucker strike that slowed cargo movement near the end of the month. November export value was $185.6 million, down 24% from the large total posted a year ago. January-November export volume to Korea was up 4% to 267,664 mt and the market is well-positioned to break the 2021 volume record when December results are available.
- January-November exports of beef variety meat were steady with the previous year at 274,336 mt. But these items commanded higher prices, as export value increased 18% to $1.15 billion – already topping the full-year record of $1.09 billion reached in 2021, led by value growth in Japan, Mexico, China, Egypt, Korea and the ASEAN.
- November beef export value equated to $382.46 per head of fed slaughter, down 20% from a year ago, but the January-November average was still up 13% to $452.42. Exports accounted for 13.9% of total November beef production and 11.9% for muscle cuts only, down from 15.2% and 12.9%, respectively, in November 2021. The January-November ratios were 15.2% and 13%, each up 2/10 of a percentage point from a year ago.
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