Fueled by means of document performances in Mexico, Central The united states and Colombia, November exports of U.S. red meat reached the very best worth since mid-2021, in step with knowledge launched by means of USDA and compiled by means of the U.S. Meat Export Federation (USMEF). U.S. pork exports slowed in November, recording the 3rd lowest worth of 2023. November lamb exports additionally trended decrease.
November red meat exports totaled 258,601 metric heaps (mt), up 5% from a 12 months in the past and the very best in six months. Export worth was once up 2% to $737.4 million, the very best since Would possibly 2021 and the 7th very best on document. For January via November, exports totaled 2.64 million mt, up 8% from a 12 months in the past, valued at $7.39 billion (up 5%).
“The momentum for U.S. red meat exports is outstanding and really broad-based,” mentioned USMEF President and CEO Dan Halstrom. “Whilst Mexico accounts for far of the previous 12 months’s export enlargement, there are good fortune tales during the Western Hemisphere and throughout all the globe. And the approaching 12 months additionally appears very promising in each established and rising markets.”
Pork exports totaled 99,029 mt in November, down 14% from a 12 months in the past and the second one lowest of the 12 months, whilst worth fell 7% to $786.2 million. For the primary 11 months of the 12 months, pork exports had been 13% underneath the document tempo of 2022 at 1.18 million mt, whilst worth declined 17% to $9.11 billion.
“There are surely shiny spots for U.S. pork, with exports rebounding in Mexico and insist in numerous Western Hemisphere markets the most powerful we’ve observed in years,” Halstrom mentioned. “However financial stipulations in our biggest Asian markets and the pointy rebound in Australian manufacturing and exports had been chronic stumbling blocks over the last 12 months, making it a pointy distinction with the super 2022 efficiency for U.S. pork exports. In spite of those demanding situations, we nonetheless see sustained call for for chilled U.S. pork, and the U.S. stays the dominant provider of chilled pork coming into Korea, Japan and Taiwan.”
With a month to spare, red meat exports set a large number of annual information
November red meat exports to main marketplace Mexico set a worth document at $221.3 million, up 5% from the massive overall posted a 12 months in the past. Export quantity (100,313 mt) greater 14% and was once the second one biggest on document, trailing simplest October 2023. January-November exports already surpassed the once a year information set in 2022, with quantity expanding 13% year-over-year to 995,534 mt, whilst worth was once 15% upper at $2.12 billion.
Mexico’s surging call for for U.S. red meat is particularly spectacular since the marketplace attracted new festival over the last two years. Since mid-2021, Mexico has granted zero-duty get admission to to all eligible red meat, pork and poultry providers, and this coverage has been prolonged via 2024. The primary beneficiaries are Eu and Brazilian red meat, even though red meat imports from Brazil had been suspended since overdue November because of a court docket problem to Mexico’s import procedures. Even with new avid gamers within the enviornment, the U.S. proportion of Mexico’s imported red meat marketplace greater in 2023, attaining 84%.
Led by means of exceptional enlargement in Honduras, Guatemala and El Salvador, red meat exports to Central The united states set per thirty days quantity and worth information in November. Shipments greater 35% from a 12 months in the past to 16,565 mt, whilst worth surged 37% to $51.3 million. In the course of the first 11 months of the 12 months, exports greater 15% to 119,348 mt, whilst worth climbed 20% to $352.4 million. Shipments to the area are on a document tempo, with exports already surroundings annual worth information in Honduras and Guatemala and each quantity and worth information in El Salvador and Nicaragua.
November red meat exports to Colombia set a worth document at $34.3 million, up 59% from a 12 months in the past, whilst November quantity was once the second one biggest on document at 12,148 mt (up 46%). After a sluggish get started in 2023, exports to Colombia have reinforced in fresh months. For January-November, exports had been 6% underneath the 2022 tempo at 88,550 mt, however worth greater 6% to $242.2 million. The document efficiency in Colombia and powerful enlargement in Chile and Peru driven November red meat exports to South The united states to the most important ranges in two years. Shipments greater 55% from a 12 months in the past to fifteen,056 mt, the 6th biggest on document, whilst worth jumped 58% to $43.2 million, the 3rd very best on document. Exports to Chile had been the most important in 11 years and exports to Peru had been the most important since June. Via November, exports to South The united states had been 1% decrease in quantity (106,968 mt) however greater 8% in worth ($306.7 million).
Different January-November effects for U.S. red meat exports come with:
- Even if November red meat exports to the Dominican Republic had been relatively underneath the massive totals posted in 2022, per thirty days exports nonetheless surpassed 10,000 mt for simply the 5th time. January-November exports to the DR already set an annual document at 91,154 mt, up 20% year-over-year, whilst worth greater 23% to $251.9 million. Shipments to the Caribbean area additionally set annual information, mountaineering 20% to 111,010 mt, valued at $322.2 million (up 22%). Whilst this was once essentially because of enlargement within the DR, exports to Caribbean markets outdoor the DR had been the most important in 10 years, with exports on a document tempo to the Netherlands Antilles and Leeward-Windward Islands and rebounding strongly to Trinidad and Tobago.
- November was once a very good month for red meat exports to South Korea, expanding 19% from a 12 months in the past to 17,406 mt, whilst worth was once up 18% to $57.7 million. January-November shipments greater 4% to 167,349 mt, whilst worth slipped 2% to $551.5 million. Korea’s use of transient duty-free tariff price quotas once more ultimate 12 months benefited Canadian, Mexican and Brazilian red meat. However U.S. proportion of Korea’s imports greater from 26% to 32%, because the Eu Union’s marketplace proportion declined. Imports from the U.S., EU and Chile input Korea duty-free below industry agreements.
- Beef exports to Oceania made an outstanding rebound in 2023 and this pattern persevered in November, with shipments just about tripling from a 12 months in the past to six,414 mt (up 186%), whilst worth greater 128% to $23.3 million. January-November exports greater 88% in quantity (70,021 mt) and 71% in worth ($247.8 million).
- January-November exports to the ASEAN greater 24% from a 12 months in the past to 60,268 mt, even though worth declined 2% to $142 million. Two rising markets within the area, either one of that have been impacted by means of African swine fever (ASF), set annual information: exports to Malaysia soared to 4,502 mt valued at $14.3 million, whilst shipments to Indonesia reached 933 mt valued at $3 million.
- November red meat exports to Japan had been secure with the former 12 months at 26,890 mt, whilst worth greater relatively to $111.6 million. Via November, exports had been down 5% in quantity (315,337 mt) and seven% decrease in worth ($1.29 billion).
- Beef exports to China/Hong Kong, that are essentially selection meat, trended considerably decrease in November, pushing January-November shipments 4% underneath the former 12 months’s tempo at 466,511 mt, whilst worth fell 6% to $1.18 billion. China’s are living hog value in November averaged $0.93/lb in comparison to $1.60/lb in November 2022. Better home manufacturing and inventories, blended with susceptible shopper call for, have slowed China’s 2023 import volumes. Then again, Hong Kong is lately combating a sequence of ASF outbreaks that has affected native manufacturing and may heighten the desire for imports in coming months.
- November exports of red meat selection meat had been relatively decrease year-over-year, however January-November shipments remained on a document tempo, expanding 11% from 2022 to 536,913 mt, valued at $1.26 billion (up 8%). Those exports equated to almost $11 in line with head slaughtered, additionally a document tempo.
- November red meat export worth equated to $66.20 in line with head slaughtered, down relatively year-over-year, whilst the January-November reasonable greater 4% to a document $63.12 in line with head. Exports accounted for 30.1% of overall November red meat manufacturing and 26.2% for muscle cuts simplest, every up about one share level from a 12 months in the past. The January-November ratios had been 29.4% of overall manufacturing and 25.2% for muscle cuts, in comparison to 27.2% and 23.6%, respectively, in 2022 and matching the document proportion observed in 2021.