U.S. beef exports posted every other sturdy efficiency in October, led by way of record-large shipments to Mexico and broad-based enlargement in other places, consistent with information launched by way of USDA and compiled by way of the U.S. Meat Export Federation (USMEF). October pork exports remained neatly beneath remaining 12 months’s huge totals however progressed from September, led by way of more potent call for in Mexico and Taiwan.
October beef exports totaled 245,345 metric heaps (mt), up 3% year-over-year and the most important since June, valued at $688.2 million – down 2% from a 12 months in the past. For the primary 10 months of 2023, beef exports larger 9% from a 12 months in the past to two.38 million mt, with worth up 6% to $6.66 billion.
“At a time when the U.S. beef business wishes to maximise earnings, I run out of superlatives when speaking in regards to the outstanding call for we’re seeing in Mexico,” stated USMEF President and CEO Dan Halstrom. “Beef exports also are reaching very good enlargement around the Western Hemisphere and retaking marketplace percentage within the Asia-Pacific.”
Red meat exports totaled 104,446 mt in October, down 17% from a 12 months in the past however 6% above the low quantity posted in September. Export worth was once $836 million, down 11% year-over-year however 5% upper than September. January-October exports of U.S. pork reached 1.08 million mt, down 13% from the listing tempo of 2022, whilst worth fell 17% to $8.32 billion.
“At the pork aspect, financial headwinds in our greatest Asian markets proceed to weigh on call for, as shoppers industry right down to lower-priced proteins,” Halstrom stated. “The restoration in Asia’s foodservice sector has been restricted, however we stay hopeful that it is going to boost up in 2024. Fresh efforts to jump-start financial process in those international locations and cope with weakened currencies may additionally reinforce the industry local weather.”
Monster 12 months continues for beef to Mexico; sturdy October rebound in Colombia
Beef exports to main marketplace Mexico reached a listing 100,867 mt, hovering 19% from a 12 months in the past, whilst worth climbed 9% to a listing $221.1 million. January-October shipments to Mexico larger 13% over remaining 12 months’s listing tempo to 895,221 mt, with worth up 16% to $1.9 billion. Beef muscle reduce exports to Mexico had been record-large in October at just about 87,000 mt, which equated to ten.7% of U.S. manufacturing. Thru October, beef muscle reduce exports had been up 11% from remaining 12 months’s listing tempo at 763,159 mt. Selection meat exports speeded up at a fair quicker tempo – hiking 29% to 132,062 mt, valued at $248.6 million (up 38%), led by way of better shipments of chilled selection meats and frozen stomachs.
October beef exports to Colombia totaled 10,856 mt, up 35% from a 12 months in the past and the most important since June 2022. Export worth climbed 42% to $30.4 million, the very best since November 2021 and 3rd very best on listing. Whilst January-October exports to Colombia remained 11% beneath remaining 12 months at 76,402 mt, export worth edged 1% upper to $207.9 million.
Led by way of listing shipments to Guatemala and strong enlargement in Honduras, Costa Rica and El Salvador, beef exports to Central The us endured to achieve momentum in October, hovering 35% from a 12 months in the past in quantity (13,722 mt) and 37% in worth ($42.2 million). January-October exports to the area had been 12% upper at 102,783 mt, whilst worth larger 18% to $301 million.
Different January-October effects for U.S. beef exports come with:
- October exports to South Korea totaled 13,427 mt, up 6% from a 12 months in the past and the most important since June, whilst worth was once up 5% to $46.8 million. During the first 10 months of the 12 months, exports to Korea larger 3% to 149,943 mt, even though worth fell 4% to $493.7 million. U.S. beef has just lately confronted larger festival from Canadian, Mexican and Brazilian beef coming into Korea underneath zero-duty tariff fee quotas (U.S. beef is duty-free underneath the Korea-U.S. Loose Business Settlement), however the U.S. business continues to capitalize on enlargement alternatives in the house meal substitute and eating place meal substitute sectors.
- Beef exports to the Dominican Republic are on a listing tempo in 2023, hiking 23% thru October to 81,050 mt, with worth up 27% to $223.2 million. October shipments to the Dominican Republic totaled 8,532 mt, the very best since April. Brazil just lately received get entry to to the marketplace and reported exports totaled 325 mt in October and 1,841 mt in November. With exports additionally rebounding strongly to Trinidad and Tobago and extending to the Netherlands Antilles and Leeward-Windward Islands, shipments to the Caribbean area jumped 22% to 98,264 mt, valued at $283.3 million (up 25%).
- With beef shipments expanding sharply to Australia and greater than doubling to New Zealand, January-October exports to Oceania larger 82% to 63,607 mt, valued at $224.5 million (up 66%). Whilst maximum exports to this area are uncooked subject material used for additional processing, valued-added processed merchandise from the U.S. also are common within the retail and foodservice sectors.
- Beef exports to Japan are trending decrease in 2023, together with a fifteen% decline in October to 24,080 mt. For January thru October, exports to Japan fell 6% from a 12 months in the past to 288,447 mt, valued at $1.17 billion (down 7%).
- Whilst beef muscle reduce exports to China/Hong Kong also are trending decrease (down 9% thru October to 149,144 mt), beef selection meat exports to the area stay 4% above remaining 12 months’s listing tempo at 280,682 mt, valued at $720.4 million (up 6%).
- Along with the above-mentioned enlargement in Mexico and China/Hong Kong, beef selection meat exports have additionally speeded up to the Philippines, Vietnam, Chile, Peru, the Caribbean and Taiwan. International exports of U.S. beef selection meat are on a listing tempo thru October, expanding 12% year-over-year to 487,171 mt, valued at $1.15 billion (up 10%).
- Beef export worth equated to $60.21 consistent with head slaughtered in October, down 6% from a 12 months in the past, however the January-October moderate was once 4% upper at $62.79. Exports accounted for 28.2% of general October beef manufacturing – down moderately from a 12 months in the past – and 24.3% for muscle cuts best, up about one share level. The January-October ratios had been 29.3% of general manufacturing and 25.1% for muscle cuts, up from 27.2% and 23.5%, respectively, a 12 months in the past.
Brilliant spots for October pork exports come with Mexico, Taiwan, Central The us
A colourful foodservice sector and a powerful peso have blended to offer very good momentum for U.S. pork exports to Mexico. Whilst Mexico stays a most well-liked vacation spot for underutilized cuts from the spherical, cuts from the chuck and rib advanced also are reaching heightened call for in Mexico, the place October exports larger 13% from a 12 months in the past to 18,456 mt, whilst worth climbed 27% to $108.4 million. January-October exports to Mexico larger 15% to 171,399 mt, valued at $975.8 million – up an outstanding 25%.
After a sluggish begin to the 12 months, Taiwan’s call for for U.S. pork fared higher in the second one and 3rd quarters, and October exports totaled 4,923 mt, up 10% from a 12 months in the past, whilst worth larger 17% to $54.6 million. This efficiency driven January-October quantity to Taiwan to 53,004 mt, down 6% from remaining 12 months’s listing tempo, whilst worth was once down 17% to $539.5 million. The US is still the dominant provider of chilled pork to Taiwan, shooting 76% of the chilled import marketplace.
Led by way of listing shipments to Costa Rica and enlargement in Honduras, Panama, El Salvador and Nicaragua, October pork exports to Central The us climbed 23% from a 12 months in the past to two,047 mt, whilst worth soared 42% to $14.9 million – the very best in just about two years. January-October shipments to the area moved 1% forward of remaining 12 months’s tempo at 17,087 mt, with worth expanding 3% to $120.4 million. Even supposing October exports to main marketplace Guatemala had been beneath remaining 12 months, January-October shipments nonetheless larger 8% from remaining 12 months’s listing tempo to 7,634 mt, valued at $59.4 million.
Different January-October effects for U.S. pork exports come with:
- October pork export quantity to the Caribbean was once down moderately year-over-year at 2,094 mt, however export worth nonetheless larger 16% to $18.9 million. January-October exports to the area dipped 6% to 22,303 mt, whilst worth larger 5% to $207.3 million, with exports trending upper in each quantity and worth to the Dominican Republic, the Bahamas and the Netherlands Antilles.
- Red meat exports to Africa, that are nearly totally selection meat, just about doubled year-over-year in October, expanding 93% to at least one,165 mt, whilst worth jumped 69% to $2 million. Led by way of enlargement all over the 12 months in South Africa and Cote D’Ivoire and an October bump from Gabon, January-October shipments to Africa larger 58% to 18,143 mt, valued at $22.5 million (up 28%).
- Europe’s call for for U.S. pork received momentum in October, with blended export quantity to the Eu Union and United Kingdom up 15% from a 12 months in the past to at least one,653 mt, whilst worth jumped 67% to $26.7 million. January-October shipments to the area larger 7% to 17,923 mt, whilst worth was once 15% upper at $247.4 million.
- With Hong Kong’s tourism and industry commute sectors convalescing to some extent, pork exports have trended upper in 2023. Thru October, shipments to Hong Kong larger 14% from a 12 months in the past to 32,991 mt, valued at $343.9 million (up 4%).
- Whilst the certain effects detailed above have offset one of the most decline following the 2021-22 surge in U.S. pork’s greatest Asian locations – South Korea, Japan and China – the slowdown in call for in those markets endured in October. During the first 10 months of the 12 months, exports to Japan fell 22% to 205,381 mt, valued at $1.52 billion (down 25%). Exports to Korea had been down 16% to 207,344 mt, valued at $1.75 billion (down 25%), whilst exports to China fell 25% in quantity (160,773 mt) and 28% in worth ($13.6 billion).
- Red meat export worth equated to $389.90 consistent with head of fed slaughter in October, down 9% from a 12 months in the past. The January-October moderate was once $395.40, down 14%. Exports accounted for 13% of general October pork manufacturing and 10.7% for muscle cuts best, each and every down about 2.5 share issues from a 12 months in the past. The January-October ratios had been 14.1% of general manufacturing and 11.8% for muscle cuts, down from 15.4% and 13.2%, respectively, within the first 10 months of 2022.
Lamb exports pattern decrease in October
Whilst reaching enlargement in Central The us, October exports of U.S. lamb trended decrease general, falling 47% from a 12 months in the past in quantity (182 mt) and 28% in worth ($1.13 million). During the first 10 months of the 12 months, lamb exports fell 11% to two,054 mt, whilst worth declined 12% to $10.7 million. Exports larger to Central The us (pushed by way of enlargement in Costa Rica and Guatemala), Japan and the Heart East, however those effects had been offset by way of decrease shipments to the Caribbean, Mexico and Canada.
Entire January-October export effects for U.S. beef, pork and lamb are to be had from USMEF’s statistics internet web page.
For questions, please touch Joe Schuele or name 303-547-0030.
NOTES:
- Export statistics seek advice from each muscle cuts and diversity meat, until in a different way famous.
- One metric ton (mt) = 2,204.622 kilos.
- U.S. beef and pork recently face retaliatory tasks in China. In February 2020, China introduced an obligation exclusion procedure that permits importers to use for reduction from tasks imposed in accordance with U.S. Phase 301 tasks. When an utility is a success, the speed for U.S. pork can decline to the MFN fee of 12% and the speed for U.S. beef can decline to 37% (the MFN fee plus the 25% Phase 232 retaliatory obligation, which stays in position).