US pork exports set numerous annual records in November - USMEF
Mexico’s surging demand for US pork especially impressive
24 January 2024
2 minute read
By: November pork exports to leading market Mexico set a value record at $221.3 million, up 5% from the large total posted a year ago, according to data released by USDA and compiled by the US Meat Export Federation (USMEF).
Export volume (100,313 mt) increased 14% and was the second largest on record, trailing only October 2023. January-November exports already surpassed the annual records set in 2022, with volume increasing 13% year-over-year to 995,534 mt, while value was 15% higher at $2.12 billion.
Mexico’s surging demand for US pork is especially impressive because the market attracted new competition over the past two years. Since mid-2021, Mexico has granted zero-duty access to all eligible pork, beef and poultry suppliers, and this policy has been extended through 2024. The main beneficiaries are European and Brazilian pork, though pork imports from Brazil have been suspended since late November due to a court challenge to Mexico’s import procedures. Even with new players in the arena, the U.S. share of Mexico’s imported pork market increased in 2023, reaching 84%.
Led by outstanding growth in Honduras, Guatemala and El Salvador, pork exports to Central America set monthly volume and value records in November. Shipments increased 35% from a year ago to 16,565 mt, while value surged 37% to $51.3 million. Through the first 11 months of the year, exports increased 15% to 119,348 mt, while value climbed 20% to $352.4 million. Shipments to the region are on a record pace, with exports already setting annual value records in Honduras and Guatemala and both volume and value records in El Salvador and Nicaragua.
November pork exports to Colombia set a value record at $34.3 million, up 59% from a year ago, while November volume was the second largest on record at 12,148 mt (up 46%). After a slow start in 2023, exports to Colombia have strengthened in recent months. For January-November, exports were 6% below the 2022 pace at 88,550 mt, but value increased 6% to $242.2 million. The record performance in Colombia and robust growth in Chile and Peru pushed November pork exports to South America to the largest levels in two years. Shipments increased 55% from a year ago to 15,056 mt, the sixth largest on record, while value jumped 58% to $43.2 million, the third highest on record. Exports to Chile were the largest in 11 years and exports to Peru were the largest since June. Through November, exports to South America were 1% lower in volume (106,968 mt) but increased 8% in value ($306.7 million).
