November was a strong month for beef and pork exports, coming in 20% and 24% above year-ago levels, respectively. According to USDA data compiled by the U.S. Meat Export Federation (USMEF), pork exports of 225,757 MT set a new record by eclipsing the previous record of 218,132 MT in October 2012. Beef exports of 155,335 MT were the largest since July 2103.
January through November 2016 pork exports of 2.09 MMT are up 7% from year-ago, valued at $5.38 billion, an increase of 5% from year-ago. USDA projects pork exports in 2016 to be up 3.4%, signaling USDA will likely increase its export forecast in this week's Supply & Demand Report. For 2017, USDA projects pork exports to rise by 5.0%,
January through November 2016 beef exports of 1.07 MMT are up 10% from year-ago, valued at $5.72 billion, down 1% from year-ago. This is in line with USDA's projection for a 9.7% increase in beef exports in 2016 from 2015 level. For 2017, USDA projects beef exports to rise by 5.9%.
USMEF notes that pork exports to Japan, while still below year-ago, continued to strength in November. Year-to-date pork exports to Japan are running running 5% below year-ago, but chilled pork exports to Japan are on a record-setting pace. Japan is also an important market for U.S. beef, as it continues to stage an impressive recovery. Year-to-date beef exports to Japan ar running 24% above year-ago.
"With recent increases in both pork and beef production, the U.S. industry faces a significant challenge in terms of moving these larger supplies," said Philip Seng, USMEF president and CEO. "But with aggressive and well-targeted international marketing efforts, this also presents an outstanding opportunity to grow our market share in established export destinations and cultivate new opportunities in emerging markets. U.S. exports are achieving success on both fronts, and USMEF is committed to keeping this strong momentum going in the New Year."