US beef exports hit another new price record in March, according to data released by the USDA and compiled by the US Meat Export Federation. March pork exports were the biggest ever this year, but were well below the record-large totals posted in March 2021. Lamb exports continued to boom in March, reaching the third largest monthly volume on record and the highest value in nearly eight years.
fueled by main markets
Beef exports totaled 126,285 metric tons in March, up 1% from a year ago and the third highest on record, while the value climbed 33% to a record $1.07 billion. First-quarter exports rose 6% to 353,852 million tonnes, valued at more than $3 billion (up 41%).
“The global demand for American beef has eclipsed everything I’ve seen in the meat business over many years,” says USMEF President and CEO Dan Hellstrom. “While this momentum has been fueled by core markets such as South Korea, Japan and Taiwan, demand is also very strong in China/Hong Kong and major Latin American markets, while exports to the Middle East have rebounded effectively.”
Hellstrom cautioned that first-quarter results do not fully reflect the impact of the recent COVID-19 lockdown in China, which has slowed product movement and forced many restaurants to suspend or limit service Is. These constraints are likely to have a greater impact on export data for April and May. He also noted that while demand for beef has been very resilient, inflation represents a potential headwind.
“Consumers around the world have shown how much they value the quality of US beef, but disposable income is under pressure as they pay more for energy and other daily needs,” he says.
Pork exports to Mexico, Dominican Republic at record pace
March pork exports stood at 222,581 million tonnes, the largest since November, but down about 25% from the record volume achieved a year ago. The export value stood at $615.3 million, the highest since November, but down 23% year-on-year. Pork exports in the first quarter fell 20% from a year earlier to 629,928 million tonnes, valued at $1.71 billion (down 17%). Pork exports to Mexico and the Dominican Republic grew at a record pace in the first quarter, and South Korea posted a strong increase in export value, but shipments to most destinations were down from last year.
“While pork exports were well below last year’s record, we saw some encouraging trends in the March results,” Hallstrom says. “US pork commands a higher price per pound than a year ago, with outstanding demand from Mexico and price increases in key markets such as South Korea and the Dominican Republic. The stronger US dollar creates more price pressure in some destinations, but This will be offset somewhat by bridging the price gap between US and European pork.”
Hellstrom said pork, beef and lamb exporters face logistical constraints and delays in moving products overseas. The situation is particularly challenging for shipments of cold meat to major Asian markets.
Lamb exports continue to rise sharply
With growth in Mexico, the Caribbean and the Philippines, US sheep exports continued to boom as March shipments rose 75% from a year earlier to 1,906 million tonnes, the largest volume since 2011 and the third highest on record. Large quantity. The export value nearly doubled to $2.88 million, a 95% increase and the highest since 2014. Lamb exports in the first quarter rose 54% to 5,019 million tonnes from a year earlier, while the value climbed 72% to $7.35 million. Exports of muscle cuts grew at an even faster pace, up 80% from the year-ago volume (492 million tonnes) and 88% ($3.04 million) in value.
A detailed summary of Q1 export results, including market-specific highlights, is available from the USMEF website.
Source: US Meat Export Federation, which is solely responsible for the information provided, and solely owns the information. Informa Business Media and all of its subsidiaries are not responsible for any material contained in this information asset.