November pork exports lower than a year ago

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Export ship According to the USDA's latest Livestock, Dairy and Poultry report, almost 467 million pounds of U.S. pork were exported in November, a quantity 7.5 percent below November 2011. A table of the 10 largest foreign destinations for U.S. pork products for the January-November 2012 period is listed below.

As the table suggests, lower shipments to Japan and China in November largely account for the year-over-year decline.

With respect to Japan, Japanese Government data indicates that imports of pork and beef from all sources were lower in November. Part of the reason for lower red meat imports was likely the sharp depreciation of the Japanese yen that began in October.

When exchange rates depreciate, imported goods tend to become more expensive in local currency terms. Analysis from Oxford Economics notes that the Japanese economy had slipped back into recession in the third quarter of 2012 and is expected to grow at a rate of less than 1 percent in 2013.

Ten largest foreign destinations for U.S. exported pork, November 2012, and Cumulative Volumes

 

 

2012 November Exports

2011 November Exports

Percent Change
(2012/2011)

2012
Cumulative Exports

2011

Cumulative

Exports

Percent Change
(2012/2011)

2012 Export Share

2011 Export Share

 

 

---Million Lbs.---

 

---Million Lbs.---

 

---%---

 

World

467

505

-7.5

4,957

4,696

5.6

 

 

1

Japan

109

121

-10

1280

1355

-6

26

29

2

Mexico

101

93

8

1059

922

15

21

20

3

China\H.K.

56

136

-59

723

709

2

15

15

4

Canada

57

48

19

536

456

18

11

10

5

S.Korea

42

30

41

370

417

-11

7

9

6

Russia

27

15

75

274

186

47

6

4

7

Australia

16

13

18

183

174

5

4

4

8

Philippines

8

6

21

93

98

-5

2

2

9

Honduras

5

6

-25

50

52

-3

1

1

10

Colombia

6

5

11

46

27

68

1

1

Source: USDA Livestock Dairy and Poultry report

LDP



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