USMEF: March pork exports steady with year-ago
Pork exports totaled 260,430 metric tons (mt) in March, up 0.1% from a year ago, valued at $740.8 million – up 2% year-over-year and the seventh highest on record. Through the first quarter, pork exports increased 6% to 762,784 mt, while export value climbed 7% to $2.11 billion.
"Another strong month on the pork side, and one that illustrates the importance of export market diversification", noted USMEF President and CEO Dan Halstrom. "Shipments to Mexico cooled a bit, reflecting the earlier timing for Easter, and yet the global total remained very robust through increases to Korea, Colombia, Central America and Australia. When export value exceeds $70 per head slaughtered, that’s welcome news for pork producers and the entire supply chain".
Korea shines in March as pork exports close excellent first quarter
South Korea’s demand for U.S. pork continued to build momentum in March, reaching the third largest volume on record at 27,508 mt – up 44% from a year ago – while export value was the second highest on record at $90.6 million (up 54%).
Through the first quarter, exports to Korea climbed 54% above the year-ago pace in volume (69,452 mt) and jumped 59% in value ($227.6 million). After several years in the #5 position for U.S. pork exports, Korea has surpassed Canada as the fourth largest export destination, trailing only Mexico, China and Japan.
Led by record exports to Costa Rica and Nicaragua and larger shipments to Honduras, Guatemala and Panama, March pork exports to Central America increased 28% from a year ago to 13,626 mt, while value soared 41% to $42.5 million. First quarter exports to the region were up 21% to 37,681 mt, valued at $114.8 million (up 31%). For Panama, exports are front-loaded each year because the pork safeguard is quickly triggered, meaning a higher duty on U.S. pork. This year Panama has initiated efforts to restrict overall import volumes.
March pork exports to leading market Mexico were lower year-over-year for the first time in 16 months, mainly reflecting the earlier Easter holiday. Exports fell 11% to 84,808 mt, while value was down 9% to $178.4 million. Shipments to Mexico still finished the first quarter on a record pace, up 4% from a year ago in volume (281,261 mt) and 6% higher in value ($575.1 million).
Other first quarter results for U.S. pork exports include:
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