The Global Appetite for U.S. Pork Shows No Signs of Retreat
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The top five export destinations for U.S. pork in 2021 by volume were, in order: Mexico, China, Japan, Republic of Korea and Canada. Together these countries comprised 79% of U.S. exports. Over the past decade in volume, U.S. exports to China surpassed exports to Mexico in only one year: 2020. In that first year of the COVID-19 Pandemic, African swine fever (ASF) severely affected China’s domestic hog production, creating demand for imported hogs and pork products.

Swine production and exports

Though a depressed Mexican Peso, which caused U.S. meat prices to rise in Mexico thus reducing consumption, freed U.S. meat for alternate export destinations, China’s hunger for U.S. pork drove domestic exports to their highest share relative to production in the last decade. In 2020, the U.S. exported almost 26% of its domestic production, compared to 23% on average, 2012-2022. The highest proportion of U.S. pork exports by value has gone to Japan each year of the past decade, driven by the highly valued cuts that the country receives. 

US Pork

Export demand plays an important role in U.S. pork markets, so any major shifts pertaining to top U.S. export destinations, whether geopolitical or fundamental in nature, can have an impact on price. Furthermore, U.S. pork prices, both current and expected, can have an impact on export demand.

Billions of pounds of pork and variety meat products shipped abroad annually are exposed to price fluctuations in U.S. hog and pork markets. Lean Hog and Pork Cutout futures can enable both domestic and international buyers exposed to U.S. prices to manage the risk that comes along with unanticipated price moves and protect their bottom line.

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