U.S. beef and pork exports closed a strong first quarter on a high note as March was the best month ever for red meat export value – exceeding $1.3 billion. Beef export value set a new record in March at $693.1 million, up 18 percent year-over-year and topping the previous high set in October 2014. March pork export value was the second-highest ever at $610.4 million – up 4 percent from a year ago and trailing only the November 2017 record of $615.8 million.
U.S. Meat Export Federation (USMEF) Economist Erin Borror says South Korea stood out for beef export growth, and especially for its rapidly growing demand for higher-value chilled beef cuts. Chilled beef exports to Japan also trended higher, though frozen shipments to Japan were slowed by a temporary increase in the tariff rate (50 percent, up from the normal 38.5 percent) that was in effect from mid-August 2017 until April 1 of this year.
Pork export growth was also led by Korea, where rising pork consumption is especially evident in sales of home meal replacement items and convenience foods. Pork exports to Central and South America also continued to gain momentum and first-quarter shipments to Mexico held fairly steady with last year's record pace. Borror explains that these strong results helped offset a slowdown in China, where domestic pork production is trending higher, applying downward pressure on domestic pork prices and on China's demand for imported pork.
Source: USMEF