Things to Consider….
The latest monthly US livestock and meat trade data recorded pork exports at 643.8 million pounds, rising 36.3m pounds in December and brings current pork exports 82.5m pounds over a year earlier. Year-to-date US pork exports for 2023 are up 480.2m pounds or +7.6% higher compared 2022 YTD.
US pork to South Korea again recorded the largest month-over-month rise, up 22.1m pounds from November and 31.4m pounds over last year. US pork to Mexico increased by 17.1m pounds on the month and is 33.5m pounds over last year, while Panama rose 17.5m pounds in December (a typical surge recorded every December) and is 2.9m pounds over a year earlier. US pork to Australia increased 11.0m pounds on the latest report and is 19.5m pounds over last year, while pork to China* (including Hong Kong & Taiwan) climbed just shy of a million pounds in December, however is 31.8m pounds under a year earlier.
US pork to Canada declined the most from last reported, falling 7.6m pounds in December however is 2.7m pounds over last year. Other destinations for US pork were generally 3-5m pounds lower on the month including Colombia, Honduras, Dominican Republic, Guatemala and Chile.
US pork imports fell overall in December, down 7.1m pounds or -7.0% from November and brings the latest imports 1.6m pounds or -1.6% under last year. Imports from Canada were down the most, dropping 7.2m pounds from last reported and is 8.9m pounds under a year-ago, while several other countries also recorded 0.5-1.0m declines in December such as Denmark, the UK, and Mexico. Helping to offset some of the earlier mentioned reductions were increases recorded from Brazil which rose 2.2m pounds and is 4.3m over December 2022. Total year-to-date US pork imports are 201.1m pounds or -15.0% under 2022 YTD. For comparison, the US imported 12.1m pounds more pork from Canada than it exported to the country in the month of December.