November pork exports lower than a year ago

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

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