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Enhance in pork exports led by development in Mexico, Korea & demand for selection meat
August pork exports had been as soon as once more led by Mexico, the place 2022 shipments stay on a report tempo. Not like many buying and selling associate currencies, the Mexican peso has been remarkably secure, averaging simply over 20 pesos to the greenback this 12 months, remaining basically regular with 2021.
Fueled by strengthening demand for pork selection meat, pork exports to China/Hong Kong totaled 55,695 metric tons in August, up 14% from a 12 months in the past, whereas export worth climbed 31% to $137.8 million.
Courtney Knupp, VP of worldwide market growth at NPB, stated there may be robust demand for selection meats globally this 12 months.
“U.S. pork can provide giant volumes of selection meat, which provides vital worth to the carcass,” Knupp stated. “China, for instance, has scaled again on complete exports this 12 months, however they’re shopping for selection meats and so are different nations in Southeast Asia and Latin America. This helps our backside line as a result of we don’t devour these merchandise within the U.S.”
Key Markets in Worth and Quantity YTD 2022 In comparison with 2021
Supply: USDA Overseas Agricultural Service and USMEF
Total, August pork export worth equated to $60.04 per head slaughtered, up barely from a 12 months in the past. The January-August common was $59.40 per head, down 9%.
NPB analyzes export knowledge in comparison with the earlier 12 months and in comparison with the three-year and five-year common. The evaluation can also be segmented with and with out China as an element.
“When you have a look at the 3-year and the 5-year common, and take out China, we’re up 6% in worth and 1% in quantity,” Knupp stated. “This implies we’re efficiently diversifying our market combine, and we’re receiving extra worth per product. That’s why U.S. pig farmers put money into worldwide market growth — to create worth for the merchandise we ship overseas.”
World Pork Exports
August 2022 In comparison with 2021
2022 YTD in comparison with the 5-12 months Common (Jan-Aug)
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