Beef Sets Export Value Record, Pork Values Second Highest
5/7/18 USMEF Numbers, China Trade Update
The U.S. Meat Export Federation released its analysis of beef and pork shipments through the first three months of 2018.
Strong March results capped an excellent first quarter for U.S. red meat exports, reports AgDay. The U.S. is exporting a strong share of its beef and pork production at higher prices — a clear sign of solid international demand.
For the month of March, beef exports set a new monthly value record. Pork export values were the second-highest level on record.
Asian and Latin American markets largely drove big jumps in U.S. beef export values. For the first quarter of 2018, exports were 9% ahead of last year’s pace in volume (318,073 mt) and jumped 19% in value ($1.92 billion).See the market breakdown here.
First-quarter pork exports fairly steady to Mexico and Japan, up sharply to Korea and Latin America. For the January-March quarter, volume increased 1% year-over-year to 636,297 mt, while value was up 8% to $1.7 billion. More details are here.
March is the final month that U.S. beef will have Japan’s higher safeguard tariff to contend with. The higher rate took effect in August and expired April 1.
China’s additional 25% tariff on U.S. pork took effect on April 2nd, so these numbers do not reflect the trade moves.
