June pork exports lower, but some bright spots exist
Bright spots include Korea, Central America, Caribbean
14 August 2024
2 minute read
By: US pork exports to leading market Mexico cooled modestly in June, with volume down 3% from a year ago to 83,007 mt, according to a recent market report from USMEF. But export value still edged higher, increasing 4% to $187.4 million. January-June exports to Mexico remained well ahead of last year’s record pace, up 6% in volume (563,200 mt) and jumping 13% in value to $1.2 billion. Mexico’s domestic hog price surged last month, and weekly export data suggest US pork exports to Mexico also accelerated in July.
Mexico suspended imports of all Brazilian poultry in mid-July following a finding of Newcastle virus, which contributed to high poultry and turkey prices in the market. In early August, Mexico resumed imports of Brazilian poultry from all states except Rio Grande do Sul.
Korea’s demand for US pork remained very robust in June, with exports climbing 20% from a year ago to 17,327 mt, while export value increased 30% to $64.2 million. January-June exports to Korea soared 33% above last year’s pace at 135,419 mt, while value was 38% higher at $459.6 million (by comparison, when pork export value to Korea peaked in 2018, the first-half value total was $386.5 million). The US industry has capitalised on higher pork consumption in Korea but is also capturing larger market share. US share of Korea’s imported pork market climbed from 26% in the first half of 2022 to 38% this year.
Fueled by gains in Honduras and Costa Rica and a steady performance in Guatemala, June pork exports to Central America totaled 10,371 mt, up 2% from a year ago. But export value increased impressively, climbing 14% to $34.3 million. Through the first half of the year, exports to the region increased 21% from a year ago to 74,532 mt, while value soared 31% to $231.1 million. First-half exports increased year-over-year to all Central American markets and shipments to Honduras, Guatemala, Costa Rica, El Salvador and Nicaragua were on a record pace.
