Record Fourth Quarter US Pork Exports
Exports to Mexico, China, and Canada Drive Growth
The United States Department of Agriculture (USDA) recently announced that US pork exports reached a record high in the fourth quarter of 2022. Total exports for the quarter were valued at $2.4 billion, up 12% from the same period in 2021. The increase was driven by strong demand from Mexico, China, and Canada.Exports to Mexico, the top market for US pork, increased by 15% year-over-year to $660 million. China, the second-largest market, saw a 10% increase in imports to $420 million. Exports to Canada, the third-largest market, grew by 7% to $280 million.
Increased Production and Global Demand
The record-breaking exports are due in part to increased pork production in the United States. In 2022, US pork production reached 28.7 billion pounds, up 2% from the previous year. The increased production has helped to meet the growing global demand for pork.In addition to increased production, strong global demand has also contributed to the record exports. China, in particular, has been a major driver of demand due to its large population and growing middle class. Mexico and Canada have also seen increased demand for pork, driven by economic growth and population growth.
Impact on US Pork Industry
The record exports have had a positive impact on the US pork industry. Hog prices have increased, and pork producers have seen increased profits. The increased exports have also helped to create jobs and boost the economy in rural areas.The USDA expects the strong demand for US pork to continue in 2023. Exports are forecast to reach $10 billion for the year, up from $9.5 billion in 2022. The continued growth in exports is expected to benefit the US pork industry and the overall economy.
