In August, U.S. pork exports experienced a significant surge, continuing their record pace, according to data from the U.S. Department of Agriculture (USDA) and the U.S. Meat Export Federation (USMEF). Pork exports totaled nearly 239,000 metric tons (MT), a 6% increase from August 2023, with an export value of nearly $703 million, marking an 8% rise year-over-year. The increase was driven by strong sales to Mexico and other key markets, including South America, Southeast Asia, and Oceania.
Mexico: Key Driver of Growth
Mexico continued to lead as the top destination for U.S. pork, with August exports reaching 94,935 MT, a 4% increase over the same period in 2023. The value of these exports rose 8%, totaling $230.6 million. Through the first eight months of 2024, exports to Mexico remained on a record pace, climbing 8% in volume (758,712 MT) and 14% in value ($1.68 billion) compared to the same period last year.
South America: Record High Exports
South America also saw record pork exports in August, driven largely by Colombia, which accounted for $39.6 million in export value, the highest on record. Total exports to the region reached $45 million, a 97% year-over-year increase, with volume rising 83% to 14,961 MT. January-August exports to South America increased 27% in volume (89,341 MT) and 36% in value ($263.2 million), further solidifying the region as a key market for U.S. pork.
Southeast Asia and Oceania Show Strong Growth
The Philippines and Malaysia led growth in Southeast Asia, with exports to Malaysia hitting a record 7,130 MT in August, up 45% year-over-year, valued at $16.2 million. Exports to the region for the year totaled 54,249 MT, up 12% in volume, with value rising 2% to $118.2 million.
In Oceania, exports to Australia grew by 4% in August to 5,743 MT, with value increasing by 13% to $20.9 million. Cumulative exports to Australia for January-August soared by 32% in volume (60,117 MT) and 38% in value ($215 million). Combined with New Zealand, total exports to Oceania reached 68,910 MT, a 32% increase in volume, valued at $248 million, up 36%.
Why It Matters: Exports Drive Profitability
August pork exports translated to an average of $64.46 in value per hog marketed, a 10% increase from a year ago. For the first eight months of 2024, the average export value per hog reached $66.27, up 4% from 2023. Exports accounted for 24% of total U.S. pork production in August, an increase of 1.5% from August 2023, and 25.6% for January-August, up 0.6% from the previous year.
Conclusion
The surge in U.S. pork exports in August underscores the continued global demand for U.S. pork, particularly in key markets like Mexico and South America. With exports contributing significantly to the profitability of U.S. pork producers, maintaining and expanding access to these international markets will be critical for the industry’s sustained growth.
