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US: Pork export revenue hits record high

US: Pork export revenue hits record high

U.S. Pork Export Revenue Hits Historic High in 2023 (Image © Canva)

U.S. pork exporters hit record earnings in the first quarter of 2024 due to higher sales volumes and prices. The strong result was attributed, among other things, to US export diversification, which was able to mitigate a sharp drop in supplies to China. Mexico is still the most important customer for US pork exporters, according to Agra Europe.

High prices for pork create cash register loop

US pork exports are in full swing. In addition to export earnings, export volume has also increased. According to the United States Meat Export Organization (USMEF), 762,780 tons of pork, including processed products, were shipped overseas in the first three months of this year; This is about 46,100 tonnes or 6.4% higher than the same period last year. Exporters were able to enjoy a 7.4% increase in revenue to 1.96 billion euros. This means that US export earnings are on track to reach a record high of 7.58 billion euros overall in 2023. USMEF President Dan Halstrom spoke about one A strong result, which also reflects the importance of export diversification. The export value of pork per animal slaughtered was recently 65.60 euros; Compared to the same month last year, this is an increase of 12%. About 30% of US pork production is sold outside the country's borders.

Export Diversification: Losses in China are offset

Mexico is the most important customer for US pork exporters. Compared to the first quarter of 2023, sales in the reporting quarter increased by 4.1% to 281,260 tonnes; Corresponding export revenue increased by 6.2% to 534 million euros.

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US pork sales to South Korea saw a real boom, more than halving in volume and value to 69,450 tons worth 211 million euros. Deliveries to Central America, South America and Oceania were also significantly higher than the previous year. According to the export diversification cited by Hallström, this helped offset losses elsewhere. Specifically, exports to China, including Hong Kong, decreased by 16.0% to 113,260 tonnes in the first quarter of 2023; Export revenue fell 24.2% to 248 million euros.