Pork Highlights
February 2020:

Pork: 230,598 mt, +52%, $631 million, +65% (third highest for volume and value after Dec 2019 and Jan 2020)
PVM: 42,458 mt, +22.5%, $96 million, +30%
Pork + PVM: 273,056 mt, +46%, $727 million, +59% (third highest for volume and value after Dec 2019 and Jan 2020)

January – February 2020:

Pork: 464,587 mt, +49%, $1.281 billion, +61%
PVM: 82,072 mt, +8%, $184 million, +19%
Pork + PVM: 546,659 mt, +41%, $1.465 billion, +54%

At 230,600 mt, February pork exports were the third highest on record (after 239,000 mt in Dec 2019 and 234,000 mt in Jan 2020), up 52% or +78,500 mt year-over-year, driven by a 63,000 mt increase to China/HK. In addition to China, exports were also higher year-over-year to Mexico (+8,500 mt), Japan (+7,100 mt), Canada (+2,900 mt), Central America (+1,100 mt), Caribbean + DR (+600 mt), and the ASEAN (+420 mt). Exports were lower to Korea (-2,200 mt), Australia/NZ (-1,100 mt), South America (-1,000 mt), and Taiwan (-640 mt). Exports to China (72,244 mt, +608% from 10,200 mt last year) maintained momentum following exports of 83,000 mt in Dec 2019 and 74,000 mt in January, and exports were also higher year-over-year to Hong Kong (1,836 mt, +148%). Exports were higher than last year to Mexico (51,317 mt, +20%) but were down from 52,381 mt in Feb 2018 and 53,067 mt in Feb 2017. Exports to Japan (34,722 mt, +26%) were the highest since last May, and exports were also higher to Canada (17,106 mt, +20%). Exports to Korea (16,283 mt, -12%) were lower year-over-year for the sixth consecutive month. Exports were lower to Australia (9,204 mt, -9%) but remained at high levels, over 9,000 mt for the 9th month, and exports were also lower to New Zealand (559 mt, -29%). Exports to Colombia (5,720 mt, -29%) slowed again in February, but exports to Chile (4,300 mt, +38%) were the second highest on record, and exports Peru (659 mt, +34%) were the fifth highest on record. Exports to the Dominican Republic (3,538 mt, +15%) continued to rebound in February and were the highest since last March. Exports were higher to the Central America markets: Honduras (2,856 mt, +22%), Guatemala (1,300 mt, +7%), Costa Rica (849 mt, +32% and the third highest monthly volume), El Salvador (745 mt, +8%), Panama (691 mt, +26%) and Nicaragua (682 mt, +21%). Exports were lower to the Philippines (1,619 mt, -32%), but exports to Vietnam (1,475 mt, +427%) were the highest since 2008 and were the fourth highest monthly volume on record. Exports were lower to Taiwan (607 mt, -51%).

Pork variety meat exports were up 22.5% or +7,800 mt in February to 42,458 mt, and value was up 30% to $96 million (driven by a 61% increase in value to China/HK to $61 million). Export volume was higher than last year to China/HK (+8,100 mt), ASEAN (+780 mt), Canada (+320 mt), and Mexico (+50 mt), while exports were lower to Korea (-590 mt), Japan (-370 mt), South America (-320 mt), Central America (-310 mt), Taiwan (-110 mt), and the Caribbean + DR (-70 mt). February pvm exports to China (20,721 mt, +60%) were the third highest volume (after Dec 2012 and Feb 2013), and exports to HK (4,046 mt, +8%) were also above last February’s low levels.

American Pork & Variety Meat Export Value in February 2020

American Pork & Variety Meat Export Volume in February 2020

Exports were steady to Mexico (10,376 mt) and were higher to Canada (1,491 mt, +27%). Exports were lower to the Philippines (1,386 mt, -52%) but were higher to Vietnam (427 mt, +216%). Exports to Chile (686 mt, -14%) were below last year’s high levels, but exports were higher year-over-year to Colombia (279 mt, +33%). Exports trended down to Korea (603 mt, -49%) and Japan (540 mt, -41%).

For January – February, pork/pvm exports were up 158,100 mt from last year driven by a 141,500 mt increase to China/HK. Exports also increased to Mexico (+12,700 mt), Canada (+5,800 mt), Japan (+5,400 mt), Australia/NZ (+1,700 mt), the ASEAN (+1,200 mt), Caribbean + DR (+810 mt), Central America (+590 mt), and Africa (+240 mt). Exports were lower to Korea (-5,000 mt), South America (-3,900 mt), and Taiwan (-2,500 mt).

February pork exports accounted for 29.9% of pork production and 32.9% when including variety meats (surpassing the previous highs of 29.3% and 32.1% in Dec 2019) as compared to 21.0% and 24.0% for February 2019. January – February pork exports accounted for 28.6% of pork production and 31.3% when adding variety meats, up from 20.6% and 23.8% for January – February 2019.

February pork export value per head averaged $67.77/head (the highest since 2014), up $22.65/head or +50% from $45.12/head last February. For January – February, pork export value per head slaughtered averaged $65.02/head, up $20.10/head or +45% from $44.93/head last year.

SOURCE: USMEF