U.S. pork exports increase through market diversification
An ag economist says May pork exports reached the highest monthly level since May 2021.
Scott Brown with the University of Missouri says diversification of trading partners has played a crucial role in pork export growth.
“You take out Mexico, China, Hong Kong, Tiwan and Japan and look at everyone else, they’re up 124 million pounds year-to-date in exports so some good news on the pork side of the equation.”
Pork exports were up 9.6% by volume and 11% in value for May.
Beef exports continue to trend lower from the record levels of 2022. Brown says May exports were down more than 50 million pounds from last year.
“May beef exports 267.1 million pounds. That’s just down marginally relative to April, but year ago levels down much harder. We’ve almost pushed 320 million pounds out in May 2022.”
As of May, year-to-date beef exports were down 10.8% by volume and 21.1% in value at 1.3 billion pounds.
Mexico continues to be top export market for U.S. red meat.
Pork exports remain on a record-shattering pace for May with volume up 21% and value up 16% at $198.9 million. And while U.S. beef exports declined elsewhere in May, Mexico was the exception with exports up 9% or $94.2 million in value.