America sets new pork export record

U.S. pork exports hit a record high in 2024. Total export volume was up 4% from the previous year to over 3 million tons of pork. The value of exports increased 6% to $8,6 billion. In December, exports fell slightly to 267.000 tons. That’s a decrease of less than 1%. The value was still 1% higher than the previous year to $771,8 million.

Success close to home
The country saw strong growth mainly close to home. Exports to Mexico in particular proved strong again. Over the whole of 2024, exports to the southern neighbours increased by 5% to 1,15 million tonnes. The value of exports increased by 10% to $2,58 million. Exports to Central America were also strong. In 2024, exports to the region increased by 21% to 166.000 tonnes. Exports to Panama in particular increased sharply, by 54%. The value of exports increased by 29% to $523 million in this period.

Exports to South America rose by 2024% to 20 tonnes in 142.000. The value of this trade increased by 25% to $425 million. Colombia in particular imported more American pork. Exports to the country increased by 26% to 125.000 tonnes. Exports to Chile fell by 23% to 12.000 tonnes. It is also notable that the American pork sector gained a foothold in Cuba. Total exports to the traditionally sanctioned market increased by 241% to 9.100 tonnes. As a result, exports to the Caribbean increased despite a 5% drop in exports to the Dominican Republic and the Bahamas.

Results Asia slightly less strong
Exports to Asia, however, were mixed. Exports to the largest market in the region, China, declined less than in previous years. Despite the very large Chinese pig market, export volumes declined by only 6% to 467.000 tonnes. The value of exports declined by 10% to $1,27 billion. Exports to Taiwan, meanwhile, took a big hit. Total exports to the country declined by 53% to just over 8.000 tonnes. Finally, exports to Japan declined slightly by 2% to 336.500 tonnes.

However, this was offset by a 12% increase in exports to South Korea. Total exports amounted to 214.500 tonnes. Exports to the ASEAN countries also rose significantly. Total exports to the region increased by 19% to 76.000 tonnes. This was mainly due to an increase in exports to the Philippines by 19% to 60.000 tonnes. Malaysia also proved to be an important growth market. Exports to the country increased by 51% to 7.800 tonnes. Finally, exports to Oceania also proved to be strong. Total exports increased by 29% to 102.500 tonnes.  

Turning point, but also a risk
The growth in exports has completely turned the situation on the American market around. At the end of 2023, the American pork sector was in bad shape. All players on the market, pig farmers, slaughterhouses, processors and also exporters were still writing red figures during that period. This was still the case at the beginning of 2024, but due to favorable prices, the United States was able to acquire a stronger export position. Although export prices increased, the demand for American pork remained high.

The impact on the market is clearly visible. USDA data shows that frozen pork volumes have fallen to a record low. This indicates that frozen pork is quickly finding a buyer. In December 2024, US frozen stocks reached their lowest level since December 2021. Only 2,1% of total traded US pork was stored in reserves for an extended period. However, volumes in cold stores increased slightly in December. In November, reserves reached their lowest level since 1997. In December, frozen stocks increased by 9,2%.

However, there is a clear risk in the export success. Because retail prices have always remained high due to inflation despite weak wholesale prices, domestic demand has remained weak. The prospect of recovery of domestic demand is not obvious, since supermarkets seem to pay little attention to wholesale prices. This creates dependency on exports and that strategy seems quite risky, especially now that President Donald Trump wants to impose trade tariffs on a large scale. Given the recent success, the pork sector seems a logical victim.