Pork Highlights March 2020:

Pork: 243,592 mt, +40%, $662 million, +48% (a new record for volume and the second highest after Dec for value)
PVM: 47,867 mt, +27%, $102 million, +41%
Pork + PVM: 291,459 mt, +38%, $764 million, +47% (a new record for volume and value)

January-March 2020:

Pork: 708,179 mt, +46%, $1.943 billion, +56%
PVM: 129,939 mt, +14%, $287 million, +26%
Pork + PVM: 838,118 mt, +40%, $2.230 billion, +52%

At 243,592 mt, March pork muscle cut exports set a new volume record, up 40% or +70,000 mt year-over-year, driven by a 56,000 mt increase to China/HK. In addition to China, exports were also higher year-over-year to Japan (+5,900 mt), Mexico (+5,600 mt), Central America (+2,700 mt), Canada (+1,900 mt), South America (+790 mt), ASEAN (+400 mt), and the Caribbean + DR (+200 mt). Exports were lower to Korea (-2,100 mt), Taiwan (-1,300 mt), and Australia/NZ (-400 mt). Combined exports to China/HK totaled 71,226 mt, +365% year-over-year and the fourth highest monthly volume (after Dec 2019, Jan 2020, and Feb 2020). Exports just to China (69,536 mt, +387%) were also the fourth highest monthly volume, while exports to Hong Kong (1,690 mt, +62%) were the lowest since last August. Exports to Mexico (52,798 mt, +12%) were above previous-year levels for the fourth consecutive month in March. Exports to Japan (36,009 mt, +20%) were the highest since November 2017, and exports to Canada (21,705 mt, +9%) were record large. Exports to Korea (17,094 mt, -11%) remained below the high levels set the last two years. Exports to Australia (7,892 mt, -14%) were the lowest since last September, but exports to New Zealand (1,526 mt, +145%) were record large. Exports to Chile were record large at 5,906 mt, up 103%, surpassing the previous record of 4,505 mt last July. Although exports were lower year-over-year to Colombia (7,730 mt, -18%) and Peru (1,355 mt, -26%), exports were the highest since last November to Colombia and the highest since last April to Peru. Exports to the DR (4,659 mt, +6%) were the third highest on record, and exports were also at or near records for a few Central American markets: Honduras (3,817 mt, +64% and record large), Guatemala (1,717 mt, +40% and the third highest on record), and Nicaragua (1,254 mt, +155% and record large). Exports remained slower to the Philippines (1,995 mt, -21%), but exports were up sharply to Vietnam (1,077 mt, +447%). Exports to Vietnam were the fifth highest on record after May – July 2008 and Feb 2020. Exports to Taiwan (766 mt, -62%) rebounded somewhat and where the highest since last August but remained below year-ago levels.

Pork variety meat exports were up 27% or +10,100 mt in March to 47,867 mt. The year-over-year increase in pork variety meat exports was driven by China/HK (+9,500 mt), while exports were also higher to the ASEAN (+950 mt), South America (+600 mt), Central America (+200 mt), Caribbean + DR (+180 mt), and Taiwan (+170 mt). Exports were lower year-over-year to Canada (-460 mt), Mexico (-420 mt), Korea (-310 mt), and Japan (-240 mt). Combined pork variety meat exports to China/HK totaled 29,450 mt, up 47% and the highest since 2017. Exports just to China (26,356 mt, +100%) set a new record, but exports to HK (3,094 mt, -54%) were the lowest since 2014. Exports remained strong to the ASEAN region with higher year-over-year exports to the Philippines (1,364 mt, +153%) and Vietnam (298 mt, +75%).

American Pork & Variety Meat Export Value in March 2020

American Pork & Variety Meat Export Volume in March 2020

Exports were also higher to Chile (912 mt, +36%), Colombia (409 mt, +313%), and Guatemala (340 mt, +35%). Exports to Taiwan (517 mt, +50%) were the highest since last April. Exports to Mexico (10,400 mt, -4%) were steady with February and were down modestly year-over-year, while exports were lower to Canada (1,346, -26%), Korea (835 mt, -27%), and Japan (666 mt, -27%).

For January – March, total pork/pvm exports were up 238,000 mt from last year, driven by a 207,000 mt increase to China/HK. Exports were also higher year-over-year to Mexico (+18,000 mt), Japan (+11,000 mt), Canada (+7,200 mt), Central America (+3,500 mt), ASEAN (+2,600 mt), Australia/NZ (+1,300 mt), Caribbean + DR (+1,200 mt), Africa (+160 mt). Exports were lower to Korea (-7,500 mt), Taiwan (-3,600 mt), South America (-2,500 mt), EU (-210 mt), and the surrounding Russia region (-110 mt).

March pork exports accounted for 28.4% of pork production and 31.6% when including variety meats (down slightly from the Feb 2020 and Dec 2019 highs with massive March production) as compared to 22.7% and 25.6% for March 2019. January – March pork exports accounted for 28.5% of pork production and 31.4% when adding variety meats, up from 21.3% and 24.4% for January – March 2019.

March pork export value per head averaged $63.99/head, up $15.44/head or +32% from $48.55/head last March. For January – March, pork export value per head slaughtered averaged $64.66/head, up $18.52/head or +40% from $46.15 head last year.

SOURCE: USMEF