U.S. beef, pork exports defy expectations, remain high | TSLN.com

U.S. beef, pork exports defy expectations, remain high

USMEF

While the U.S. agriculture community undoubtedly has been feeling the significant effects of the global economic downturn, the export numbers for October continue to show progress over the previous year.

Pork exports in particular held up extremely well, posting the third-largest monthly volume on record that equates to a 46 percent volume increase over exports from October of 2007 and a 55.5 percent increase in value.

Specifically, pork and pork variety meat exports in October totaled 192,940 metric tons (425.4 million pounds) valued at $487 million – a new record for monthly export value. Export volume increased 18 percent over the previous month and trails only May and June of 2008 for most pork exported in a single month. For January through October, exports were up 67 percent to 1.7 million metric tons (3.8 billion pounds), with value surpassing $4.1 billion.

The story for U.S. beef also remains positive. Although smaller than the summer peak, beef plus beef variety meat exports were relatively strong in October, exceeding October 2007 volume levels by 16 percent. U.S. beef and variety meat exports for the month reached 89,205 metric tons (196.7 million pounds) valued at $348.3 million, exceeding year-ago export value totals by 31.4 percent. January through October beef exports, including variety meat, increased 31 percent to 840,121 metric tons (1.8 billion pounds), with value surpassing $3.1 billion, an increase of 43 percent.

“The effects of the global economic turmoil are being felt in many markets, and these market conditions almost certainly have tempered the export numbers that we might have seen from U.S. beef and pork had the credit markets not taken such a hit,” said Erin Daley, economist for the U.S. Meat Export Federation.

“However, we are continuing to see the value and quality of U.S. exports reflected in the export numbers,” she said. “Even with the depreciation in the value of many countries’ currencies, we’re still seeing strong performance by our beef and pork products, defying many expectations. USMEF does understand that some countries are having difficulty distributing imported meat due to dampened consumer demand. This is especially critical in areas like China, with large stocks of frozen pork, and Korea with large volumes of beef in storage. Prices were much higher, even for meat imported just a few months ago, making it difficult to sell under current market conditions.”

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While the U.S. agriculture community undoubtedly has been feeling the significant effects of the global economic downturn, the export numbers for October continue to show progress over the previous year.

Pork exports in particular held up extremely well, posting the third-largest monthly volume on record that equates to a 46 percent volume increase over exports from October of 2007 and a 55.5 percent increase in value.

Specifically, pork and pork variety meat exports in October totaled 192,940 metric tons (425.4 million pounds) valued at $487 million – a new record for monthly export value. Export volume increased 18 percent over the previous month and trails only May and June of 2008 for most pork exported in a single month. For January through October, exports were up 67 percent to 1.7 million metric tons (3.8 billion pounds), with value surpassing $4.1 billion.

The story for U.S. beef also remains positive. Although smaller than the summer peak, beef plus beef variety meat exports were relatively strong in October, exceeding October 2007 volume levels by 16 percent. U.S. beef and variety meat exports for the month reached 89,205 metric tons (196.7 million pounds) valued at $348.3 million, exceeding year-ago export value totals by 31.4 percent. January through October beef exports, including variety meat, increased 31 percent to 840,121 metric tons (1.8 billion pounds), with value surpassing $3.1 billion, an increase of 43 percent.

“The effects of the global economic turmoil are being felt in many markets, and these market conditions almost certainly have tempered the export numbers that we might have seen from U.S. beef and pork had the credit markets not taken such a hit,” said Erin Daley, economist for the U.S. Meat Export Federation.

“However, we are continuing to see the value and quality of U.S. exports reflected in the export numbers,” she said. “Even with the depreciation in the value of many countries’ currencies, we’re still seeing strong performance by our beef and pork products, defying many expectations. USMEF does understand that some countries are having difficulty distributing imported meat due to dampened consumer demand. This is especially critical in areas like China, with large stocks of frozen pork, and Korea with large volumes of beef in storage. Prices were much higher, even for meat imported just a few months ago, making it difficult to sell under current market conditions.”