Thursday, January 12, 2017
Market Watch: November Pork Exports Set New Record
November pork exports totaled 225,757 metric tons (mt), up 24 percent year-over-year and breaking the previous record (218,132 mt) set in October 2012. Export value was $586.8 million, up 30 percent from a year ago and the highest since May 2014. For January through November, pork export volume was up 7 percent from a year ago to 2.09 million mt, while export value increased 5 percent to $5.38 billion.
Even with U.S. pork production reaching record levels, exports are accounting for a larger share. November export volume equated to 28 percent of total production and 23 percent for muscle cuts only – substantial increases over the November 2015 ratios of 24 percent and 21 percent. For January through November, exports accounted for 25.5 percent of total production and 21.4 percent for muscle cuts – up from 24.2 percent and 20.9 percent, respectively, in 2015. November export value averaged $55.09 per head slaughtered, up 19 percent year-over-year. The January-November average was $49.63 per head, up 2 percent.
November was also a very strong month for beef exports, which totaled 155,335 mt – up 20 percent year-over-year and the largest since July 2013. Export value increased 21 percent to $619.1 million, the highest since December 2014. This pushed January-November export volume to 1.07 million mt (up 10 percent year-over-year) valued at $5.72 billion (down 1 percent).
November exports accounted for nearly 15 percent of total beef production and 11.7 percent for muscle cuts only – the highest levels since 2014. January-November exports accounted for 13.5 percent and 10.3 percent, respectively – up from 13 percent and 10 percent during the same period in 2015. Beef export value per head of fed slaughter reached a 2016 high of $294.39 in November, up 5 percent from a year ago. For January through November, per-head export value averaged $258.48, down 7 percent.
Source: U.S. Meat Export Federation
Artwork: Smoked Pork Butts from Brooklyn, New York