USA: October another stellar month for U.S. pork, beef exports

October pork exports were the largest since May, totaling 211,592 metric tons (mt), up 5 percent from a year ago, valued at $565.4 million, up 8 percent. Through the first 10 months of the year, pork exports increased 8 percent in volume (2.005 million mt) and 10 percent in value ($5.28 billion) from the same period last year.

Exports accounted for 25.4 percent of total pork production in October (steady with last year) and 21.6 percent for muscle cuts only (up slightly from a year ago). For January through October, these ratios increased about one percentage point from a year ago to 26.4 percent of total production and 22 percent for muscle cuts. October export value averaged $51.41 per head slaughtered, up 9 percent from a year ago and the highest since July. Through the first 10 months of the year, per-head export value was $52.64, up 7 percent.

Other January-October results for U.S. pork exports include:

• Having gained further momentum in October, exports to South Korea have already exceeded their full-year 2016 totals in both volume (136,041 mt) and value ($372.7 million). Compared to the first 10 months of last year, exports were up 27 percent and 30 percent, respectively.
• Led by mainstay markets Honduras and Guatemala, exports to Central America are on a record pace, totaling 56,906 mt (up 7 percent year-over-year) valued at $138.4 million (up 9 percent). Exports also increased substantially to El Salvador and Nicaragua, and edged slightly higher to Costa Rica.
• Exports are also on a record pace to the Dominican Republic – up 26 percent year-over-year in volume (26,476 mt) and 32 percent in value ($60.6 million).
• Despite trending lower in October, pork exports to the ASEAN region were still 16 percent ahead of last year’s pace in volume (39,910 mt) and 31 percent higher in value ($109.2 million), led by strong performances in the Philippines, Singapore and Vietnam.
• October exports to China/Hong Kong were below last year’s volume but steady in value, reflecting the upward trajectory of China’s domestic pork production. Through October, exports to the region dropped 8 percent from a year ago in volume (413,032 mt) but were just 1 percent lower in value ($872.8 million) as continued strong demand for variety meat largely offset the slowdown in muscle cut exports.