U.S. pork and beef exports contributed an estimated total economic impact of 15% per bushel to the value of corn and 13% per bushel to soybeans in 2022, according to the study.
U.S. beef exports set annual records for both volume and value in 2022, according to year-end data released by USDA and compiled by USMEF. Pork exports finished lower year-over-year but export value was the third largest on record.
November exports of U.S. pork were the largest of 2022 in both volume and value, according to data released by USDA and compiled by USMEF, while 2022 beef export value already set a full-year record of nearly $11 billion.
U.S. red meat exports will likely set a value record approaching $20 billion this year, but the industry is facing an array of obstacles related to the sluggish global economy, weakening currencies of key trading partners and lingering effects of the COVID pandemic.