US pork exports up 10 percent to $6.67 billion in 2014
Despite record high prices, US pork producers see growing revenue from exports
For the fourth year in a row, U.S. pork exports eclipsed the $6 billion mark, according to the National Pork Board. In 2014, 4.803 billion bounds of pork and pork variety meats valued at $6.674 billion were exported, up 2 percent and 10 percent, respectively from 2013.
The top five markets in total pounds of pork exported were: Mexico (1.501 billion pounds), Japan (1.033 billion pounds), China and Hong Kong (743.6 million pounds), Canada (457.2 million pounds) and Korea (298.5 million pounds).
The top five markets in total value exported were: Japan ($1.932 billion), Mexico ($1.558 billion), Canada ($904.7 million) China and Hong Kong ($775.4 million) and Korea ($444.6 million).
“We saw a dynamic environment for U.S. pork exports last year,” said Brian Zimmerman, chair of the Pork Checkoff’s Trade Committee and a Beatrice, Nebraska, producer. “Our strong global partnerships and rising demand across the globe for our product meant that despite record prices, we continued to see growing revenue from exports. However, our exporters dealt with many trials, as it was a highly competitive market.”
In 2014, 26.5 percent of U.S. pork and pork variety meat were exported, adding $62.45 per hog marketed. Strong pork variety meat demand around the world continues to increase exports and positively impact producer profitability. For every $1 million of pork variety meats exported, the live value of hogs is increased by $0.20 per cwt, according to a regression analysis conducted by Iowa State University.
“While 2014 exports remained strong, the industry faced many challenges, such as market closures, increasing competition, export port issues, a high-valued U.S. dollar and global trade shifts,” said Becca Hendricks, vice president of international marketing for the Pork Checkoff. “Checkoff resources were extremely important in monitoring and reacting to situations to allow for continuous trade.”
During 2014, more than 100 countries around the world imported U.S. pork.