US pork exports on pace for annual record - USMEF

Exports up; strong performance expected to continue.

Pork exports continue to perform well, with the US Meat Export Federation (USMEF) forecasting that exports will reach a new annual record in 2023. Through the first seven months of the year, pork exports were up 8% in volume and 14% in value compared to the same period in 2022.

Exports up

January-July pork exports totaled 1.85 million metric tons (mt), up from 1.71 million mt during the same period in 2022. The value of pork exports increased from $4.4 billion to $5 billion.

USMEF President and CEO Dan Halstrom said several factors are driving the strong export performance, including increased demand from China and Mexico and a competitive US dollar.

Strong demand from China

China was the top market for US pork exports in the first half of 2023, accounting for 18% of total exports. Pork exports to China were up 33% in volume and 43% in value compared to the same period in 2022.

Demand from Mexico

Mexico was the second-largest market for US pork exports, accounting for 17% of the total. Pork exports to Mexico were up 11% in volume and 15% in value compared to the same period in 2022.

Competitive US dollar

The US dollar has weakened against many other currencies in recent months, making US pork more affordable for buyers in other countries.

Strong performance expected to continue

USMEF expects strong pork export performance to continue in the coming months. The organization forecasts that pork exports will reach 3.5 million mt in 2023, up from 3.3 million mt in 2022.

Several factors are expected to support continued growth in pork exports, including: