USDA and the U.S Meat Export Federation announced August export numbers Tuesday. For the second consecutive month, value for U.S. beef and pork increased year-over-year despite a decline in volume. Export value for both products remains on a record pace. August beef exports overcame a three percent decline to set a new monthly value record of $655.2 million. Pork export volume was down six percent compared to the same month last year but export value still achieved a six percent increase to $529.9 million. USMEF CEO Philip Seng says international buyers enthusiasm for U.S. beef has never been higher. He stated “we continue to see an outstanding response to our marketing campaigns and educational seminars informing buyers about the unique attributes of U.S. beef.”
The drop in export volume for pork may be linked to market access issues in Russia and the China/Hong Kong region. The late-July peak in U.S. pork prices may have moved international buyers to wait for greater price stability before bolstering inventories. Pork exports are feeling the effect from the ban on U.S. agricultural products by Russia that took place August 7th. For beef, exports to Mexico slowed slightly in August but remain strong for the year. Exports to leading market Japan were down three percent in volume but increased two percent in value to $1.01 billion. The U.S. continued to gain market share, with Japan importing less beef from other suppliers.
Source: NAFB News