Dive Brief:
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Exports of U.S. beef and pork accelerated as sales values and volumes trended up over last year, driven by strong demand from Mexico and parts of Asia.
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July beef exports totaled 110,419 metric tons, the second-largest monthly total of the year, according to the U.S. Meat and Export Federation. Meanwhile, pork exports reached $710.5 million in value during the month, adding to a year-to-date total that could surpass last year’s record of $8.16 billion.
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Following some challenges in Asia, demand for beef is trending upward in Japan and Taiwan, with surging tourism offsetting economic struggles. Leading market Mexico spent $244.5 million on U.S. pork, up 29% from a year ago and the highest value on record.
Dive Insight:
U.S. pork exports roared back as Mexico’s hog prices surged due to limited supplies. Exports to Honduras and Australia were also higher than last year as Asia markets slowed pork purchasing amid currency devaluations, according to the USMEF.
“Mexico was definitely the pacesetter for U.S. pork again in July, but demand was also outstanding in Central America, Colombia and the Caribbean,” USMEF President and CEO Dan Halstrom said in a statement. “Pork exports to Korea also continued to perform well in what is shaping up to be a record year.”
From January to July, U.S. pork exports totaled just under $5 billion in value, up 6% from a year ago, when exports set an annual value record. July exports reached 241,210 metric tons, up 7% over last year.
Meanwhile, U.S. beef exports gained momentum from strong demand in Japan, Taiwan, Mexico and other countries. The USMEF noted tourism as a bright spot for Japan as wages stagnate.
“U.S. beef has weathered severe headwinds in Asia and especially in Japan, but the outlook for the remainder of the year is encouraging,” Halstrom said.
July beef exports reached $910.9 million in value, up 12% from a year ago. Along with other markets, Mexico purchased more U.S. beef than last year, with values climbing 17% to $122.5 million for the month — the highest in nearly four years.