Erin Daley Borror, USMEF economist, noted exports to South Korea have already exceeded the totals achieved in the entire calendar year of 2010, in part because of a major swine herd culling due to foot-and-mouth disease. China also finds itself in a time of short hog supplies, which has had a major impact on the pork offal market.
Exports to Japan are coming off a record-setting value year in 2010, yet exports are up 18 percent to more than $790 million. Borror also noted pork exports to Mexico — the largest volume market for US pork — had slowed in April but rebounded strongly in May.
As a result, global exports are running ahead of the all-time record pace set in 2008. If market conditions hold up reasonably well in the second half of the year, Borror said US pork export value will likely eclipse the $5 billion mark for the first time ever in 2011 — breaking the 2008 record of $4.88 billion.