Average Price of Pork in America is $2,674 per Ton

U.S. Pork Export Price in February 2023

In February 2023, the pork price amounted to $2,674 per ton (FOB, US), leveling off at the previous month. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in May 2022 when the average export price increased by 5.5% month-to-month. The export price peaked at $3,039 per ton in July 2022; however, from August 2022 to February 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In February 2023, the country with the highest price was Japan ($4,094 per ton), while the average price for exports to Mexico ($1,954 per ton) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

U.S. Pork Export Prices by Type

There were significant differences in the average prices for the major types of exported product. In February 2023, the product with the highest price was frozen carcases of pig meat ($4,701 per ton), while the average price for exports of fresh or chilled hams, shoulders and cuts of pig meat ($1,877 per ton) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was recorded for the following types: fresh pork cut (+1.9%), while the prices for the other products experienced more modest paces of growth.

U.S. Pork Exports

Pork exports from the United States dropped to 160K tons in February 2023, waning by -10.2% against the previous month. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in March 2022 when exports increased by 9.7% against the previous month.

In value terms, pork exports declined to $427M (IndexBox estimates) in February 2023. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2022 when exports increased by 10% m-o-m.

U.S. Pork Exports by Type

Frozen pig meat other than cuts or carcases (69K tons), fresh or chilled hams, shoulders and cuts of pig meat (49K tons) and fresh or chilled pig meat other than cuts or carcases (35K tons) were the main products of pork exports from the United States, with a combined 96% share of total exports. These products were followed by frozen hams, shoulders and cuts of pig meat, fresh or chilled carcases of pig meat and frozen carcases of pig meat, which together accounted for a further 4.4%.

From February 2022 to February 2023, the biggest increases were in frozen pork cut (with a CAGR of +2.8%), while shipments for the other products experienced mixed trend patterns.

In value terms, the most traded types of pork in the United States were frozen pig meat other than cuts or carcases ($197M), fresh or chilled pig meat other than cuts or carcases ($121M) and fresh or chilled hams, shoulders and cuts of pig meat ($92M), together accounting for 96% of total exports. These products were followed by frozen hams, shoulders and cuts of pig meat, frozen carcases of pig meat and fresh or chilled carcases of pig meat, which together accounted for a further 4.1%.

Among the main product categories, frozen pork cut, with a CAGR of +3.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

U.S. Pork Exports by Country

Mexico (64K tons) was the main destination for pork exports from the United States, accounting for a 40% share of total exports. Moreover, pork exports to Mexico exceeded the volume sent to the second major destination, Japan (25K tons), threefold. The third position in this ranking was taken by China (15K tons), with a 9.1% share.

From February 2022 to February 2023, the average monthly growth rate of volume to Mexico was relatively modest. Exports to the other major destinations recorded the following average monthly rates of exports growth: Japan (-0.1% per month) and China (+1.1% per month).

In value terms, the largest markets for pork exported from the United States were Mexico ($125M), Japan ($102M) and South Korea ($38M), with a combined 62% share of total exports. China, Canada, the Dominican Republic and Colombia lagged somewhat behind, together comprising a further 26%.

Among the main countries of destination, the Dominican Republic, with a CAGR of +6.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform