US pork exports have droppped by 5% in the first six months of 2015, when compared to the same period in 2014. The value of pork exports dropped even more – 16%, from $3.4 billion to $2.9 billion.
Total pork exports amounted to 1.09 million megatons from January to June 2015, according to data released by the United States Meat Export Federation (USMEF).
The tough situation for US pork is partly created by Russia’s trade embargo on European Union (EU) pork. These supplies now enter Asian markets. Currently, the euro is weak (i.e. affordable) in comparison to the US dollar.
Several major markets for US pork did not do well. For instance, pork exports to Japan were down 13% in volume and 20% in value. This country, however, has remained the leading value destination for US pork with a value of $835 million.
Pork exports to Hong Kong and China were down 17% in volume and 22% in value. This is partly due to the fact that there is a limited amount of US meatpacking plants that is allowed to ship pork to China.
Pork exports to Canada went down 6% in volume and 10% in value. The USMEF, however, hopes that in the second half of 2015, things to Canada, as well as to the other markets, will rebound.
Several markets give some reason to optimism, e.g. Mexico. United States Department of Agriculture data indicate that US pork exports to Mexico in June were up 13% year-on-year, increasing January-June export volumes 6% over the first half of 2014.
Pork exports to South Korea
Meat exports to South Korea have been another positive note, the USDA noted, with exports experiencing a great year. Pork exports to the country were up 40% in volume and 35% in value.