October exports of US pork were the largest in more than a year, while beef export volume also increased from a year ago. The data was released by the USDA and compiled by the US Meat Export Federation (USMEF).
Pork shipments reached 238,198 tons in October, up 5% year-over-year and the highest since June 2021. Export value increased 13%, equivalent to USD 697.3 million, the highest since May 2021.
October export highlights included a new record value for Mexico (USD 203.1 million) and strong growth in sales to South Korea, Southeast Asia, and the Dominican Republic. Variety pork exports set a record at USD 126.2 million.
According to the USMEF, beef exports totaled 125,466 tons in October, up 8% from a year ago. Exports value was USD 929.8 million, down 3% from the large total reported in October 2021.
“The October results were remarkable considering the headwinds facing US beef, especially in our large Asian markets,” said Dan Halstrom, President of USMEF. “Key currencies such as the Japanese yen and Korean won had sunk to their lowest levels in decades versus the U.S. dollar, which obviously affected importers’ buying power. COVID lockdowns in China were also a concern.”
China/Hong Kong was the leading destination for U.S. beef in October, at 26,170 tons, up 21% from a year ago, while value climbed 19% to USD 240.8 million.
In the first 10 months of 2022, beef export value increased 18% from last year’s record pace to reach USD 10.05 billion – topping USD 10 billion in a single year for only the second time. January-October export volume was 1.25 million tons, up 4% from a year ago.