Pork Highlights February 2019:

Pork: 152,087 mt, -8%, $382 million, -16%
PVM: 34,658 mt, -14%, $74 million, -21%
Pork + PVM: 186,745 mt, -9%, $456 million, -17%

January – February 2019:

Pork: 312,779 mt, -5%, $795 million, -12%
PVM: 75,801 mt, -5%, $155 million, -16%
Pork + PVM: 388,580 mt, -5%, $950 million, -13%

February pork exports were 13,000 mt lower than last year as higher exports to Aus/NZ (+3,100 mt), South America (+2,600 mt), the ASEAN (+870 mt), Taiwan (+590 mt), Central America (+360 mt), Caribbean + DR (+90 mt), and Canada (+30 mt) were outweighed by lower exports to Mexico (-9,600 mt), China/HK (-5,000 mt), Japan (-3,700 mt), and Korea (-2,400 mt). Exports to Mexico were down 18% in volume to 42,807 mt (and were down 39% in value) to the lowest monthly volume since 2016. Exports to Japan dropped to 27,641 mt, down 12% and the lowest since July 2017. Exports to Korea trended higher from January but were down 11% from last year at 18,530 mt. Exports to Canada were steady at 14,256 mt. Exports to China/HK were higher than January but were still down 31% from last year at 10,939 mt. Exports to China were 10,198 mt, down 26%, while exports to HK were just 741 mt, down 66% and the lowest since 2006. Exports to Australia were the second highest on record after last December at 9,915 mt, up 41% from last year. Exports to Colombia also continued at a record pace with exports of 8,003 mt in February, up 18%, and exports to Chile were up 78% at 3,117 mt. Exports to the DR were up 2% at 3,083 mt. Exports to the Philippines were up 54% at 2,382 mt, but exports to Vietnam slowed to 280 mt, down 27% and the lowest since last April. Exports to Taiwan maintained the momentum that began last summer and were up 90% from last year at 1,251 mt. In Central America, exports were lower to Honduras (2,339 mt, -12%) and Panama (548 mt, -13%) but were higher to Guatemala (1,218 mt, +15%), El Salvador (691 mt, +20%), Costa Rica (644 mt, +158%), and Nicaragua (563 mt, +8%).

February PVM exports were higher to South America (+700 mt), Central America (+490 mt), the Caribbean + DR (+420 mt), Korea (+270 mt), and the ASEAN (+100 mt), but were lower to China/HK (-4,900 mt), Mexico (-1,800 mt), Canada (-450 mt), Taiwan (-200 mt), and Japan (-130 mt). PVM exports to China/HK were 16,700 mt, down 23% from last year. Exports to China were higher year-over-year (12,966 mt, +12% and the highest since last April), but exports to HK slowed to 3,734 mt, down 63% and the lowest since 2014. Exports were also lower to Mexico (10,330 mt, -15%), Canada (1,175 mt, -28% and the lowest since Oct 2017), and Japan (913 mt, -13%). Exports to Korea were up 30% at 1,188 mt. For the ASEAN, exports to the Philippines were slightly lower (911 mt, -2%), and exports to Vietnam were up significantly (135 mt, but well below the highs seen last fall). Exports to Chile were the highest since June 2017 at 795 mt, +148%. In Central America, exports were higher to Guatemala (399 mt, +110% and a new record) and Panama (282 mt, +355%). Exports to Taiwan slowed from the large January total (781 mt) to 388 mt, down 34%.

For January – February, total pork and pvm exports were down 20,400 mt from last year. Exports were higher to South America (+7,900 mt), Aus/NZ (+4,800 mt), Central America (+1,950 mt), Taiwan (+1,900 mt), ASEAN (+1,800 mt), Canada (+1,500 mt), the Caribbean + DR (+1,400 mt), and the Russia Region (+180 mt). Exports were lower primarily to Mexico (-18,100 mt), China/HK (-15,100 mt), and Japan (-6,000 mt), with decreases also for Korea (-2,500 mt), the EU (-160 mt), and Africa (-140 mt). Export volume was down 13% to Mexico with value down 32%, export volume down 22% to China/HK with value down 34%, and export volume down 9% to Japan with value down 12%.

February pork exports accounted for 21.0% of pork production and 24.0% when including variety meats, down from 24.0% and 27.8% for February 2018. For January – February, pork exports accounted for 20.6% of production and 23.8% when adding variety meats, down from 22.7% and 26.1% last year.

February pork export value per head averaged $45.12/head, down $11.66/head or -21% from $56.78/head for February 2018. For January – February, pork export value per head averaged $44.93/head, down $8.77/head or -16% from $53.70/head last year.

SOURCE: USMEF