U.S. Livestock & Meat Trade Update – Jan ’20
Executive Summary
U.S. livestock and meat trade figures provided by USDA were recently updated with values spanning through Nov ’19. Highlights from the updated report include:
Mexico and Japan have historically been the largest importers of U.S. pork products, accounting for over half of the total U.S. pork export volumes throughout the past five years. Combined U.S. pork export volumes destined to Mexico and Japan have declined on a YOY basis by 10.8% throughout the past 12 months, however. Throughout the past 12 months, YOY increases in U.S. pork exports have been led by product destined to China, Hong Kong & Taiwan, followed by Australia, while shipments destined to Mexico and Japan have declined most significantly on a YOY basis over the period.
U.S. pork import volumes remained lower on a YOY basis for the 19th consecutive month during Nov ’19, finishing down 9.0%. The decline in pork import volumes, coupled with the increase in pork export volumes, resulted in U.S. net pork trade finishing up 27.3% YOY during Nov ’19, reaching a record high level. The YOY increase in net pork trade was the second largest experienced throughout the past 33 months on a percentage basis. ’18-’19 annual net pork trade increased 5.6% YOY, finishing at a record high level for the second consecutive year.
Beef & Veal – Exports Remain Lower YOY However Net Trade Finishes Positive
Nov ’19 U.S. beef & veal export volumes remained lower on a YOY basis for the 11th consecutive month, finishing down 8.1% YOY. U.S. beef & veal export volumes had finished higher on a YOY basis over 30 consecutive months through the end of 2018, prior to declining on a YOY basis over the past 11 months. YOY declines in U.S. beef & veal export volumes were led by shipments destined to Japan, followed by shipments destined to Mexico, while export volumes destined to China, Hong Kong & Taiwan finished most significantly higher on a YOY basis throughout the month.
Japan, South Korea, China, Hong Kong & Taiwan, Mexico and Canada have historically been the largest importers of U.S. beef & veal products, combining to account for nearly 90% of the total U.S. beef & veal export volumes throughout the past five years. Throughout the past 12 months, U.S. beef & veal export volumes destined to South Korea have increased most significantly on a YOY basis, while shipments destined to Japan have declined most significantly on a YOY basis over the period.
Nov ’19 U.S. beef & veal import volumes increased on a YOY basis for the second consecutive month, finishing up 11.4%. Beef & veal export volumes continued to exceed import volumes for the fifth time in the past six months during Nov ’19, however, resulting in U.S. beef & veal trade finishing at a positive level. Despite remaining positive, Nov ’19 beef & veal net trade finished at a five year seasonal low level for the month of November. ’18-’19 annual beef & veal net trade finished at a positive level for the second consecutive year however beef & veal net trade remained 54.2% below previous year levels.
Broilers – Net Trade Reaches a Nine Year Seasonal High Level, Finishes up 3.8% YOY
Nov ’19 U.S. broiler export volumes increased 3.3% YOY, finishing higher on a YOY basis for the first time in the past four months and reaching a nine year seasonal high level. YOY increases in U.S. broiler export volumes were led by shipments destined to Vietnam, China, Hong Kong & Taiwan and the United Arab Emirates, while export volumes destined to Cuba declined most significantly on a YOY basis throughout the month.
Mexico has historically been the largest importer of U.S. broilers, accounting for over one fifth of the total U.S. broiler export volumes throughout the past five years. Throughout the past 12 months, U.S. broiler export volumes destined to Georgia have increased most significantly on a YOY basis, followed by volumes destined to Cuba, while shipments destined to Angola have declined most significantly on a YOY basis over the period.
U.S. broiler import volumes declined on a YOY basis for the second consecutive month during Nov ’19, finishing down 20.6% and reaching an eight year seasonal low level. Broiler import volumes remained at insignificant levels relative to export volumes, as Nov ’19 imports amounted to just 1.4% of export volumes. The YOY increase in broiler export volumes, coupled with the decline in import volumes, resulted in U.S. broiler net trade finishing 3.8% higher on a YOY basis during Nov ’19, reaching a nine year high seasonal level. The YOY increase in broiler net trade was the first experienced throughout the past four months. ’18-’19 annual net broiler trade finished up 1.7% YOY, reaching a five year high, despite the declines experienced throughout the final months of the production season.
Combined Net Trade
Overall, combined net trade of U.S. pork, beef and broilers increased on a YOY basis for the sixth time in the past seven months during Nov ’19, finishing up 94.4 million pounds, or 8.7%. The YOY increase in combined net trade of U.S. pork, beef and broilers was the largest experienced throughout the past four months.
- Nov ’19 U.S. net pork trade increased on a YOY basis for the seventh consecutive month, finishing up 27.3% to a record high level. Pork export volumes increased 21.5% on a YOY basis throughout the month, driven higher by growth in volumes destined to China, Hong Kong & Taiwan.
- Nov ’19 U.S. beef & veal export volumes declined on a YOY basis for the 11th consecutive month, finishing down 8.1%. Net beef & veal trade remained at a positive level for the fifth time in the past six months but finished at a five year seasonal low level.
- Nov ’19 U.S. net broiler trade reached a nine year seasonal high level, finishing 3.8% higher on a YOY basis.
Mexico and Japan have historically been the largest importers of U.S. pork products, accounting for over half of the total U.S. pork export volumes throughout the past five years. Combined U.S. pork export volumes destined to Mexico and Japan have declined on a YOY basis by 10.8% throughout the past 12 months, however. Throughout the past 12 months, YOY increases in U.S. pork exports have been led by product destined to China, Hong Kong & Taiwan, followed by Australia, while shipments destined to Mexico and Japan have declined most significantly on a YOY basis over the period.
U.S. pork import volumes remained lower on a YOY basis for the 19th consecutive month during Nov ’19, finishing down 9.0%. The decline in pork import volumes, coupled with the increase in pork export volumes, resulted in U.S. net pork trade finishing up 27.3% YOY during Nov ’19, reaching a record high level. The YOY increase in net pork trade was the second largest experienced throughout the past 33 months on a percentage basis. ’18-’19 annual net pork trade increased 5.6% YOY, finishing at a record high level for the second consecutive year.
Beef & Veal – Exports Remain Lower YOY However Net Trade Finishes Positive
Nov ’19 U.S. beef & veal export volumes remained lower on a YOY basis for the 11th consecutive month, finishing down 8.1% YOY. U.S. beef & veal export volumes had finished higher on a YOY basis over 30 consecutive months through the end of 2018, prior to declining on a YOY basis over the past 11 months. YOY declines in U.S. beef & veal export volumes were led by shipments destined to Japan, followed by shipments destined to Mexico, while export volumes destined to China, Hong Kong & Taiwan finished most significantly higher on a YOY basis throughout the month.
Japan, South Korea, China, Hong Kong & Taiwan, Mexico and Canada have historically been the largest importers of U.S. beef & veal products, combining to account for nearly 90% of the total U.S. beef & veal export volumes throughout the past five years. Throughout the past 12 months, U.S. beef & veal export volumes destined to South Korea have increased most significantly on a YOY basis, while shipments destined to Japan have declined most significantly on a YOY basis over the period.
Nov ’19 U.S. beef & veal import volumes increased on a YOY basis for the second consecutive month, finishing up 11.4%. Beef & veal export volumes continued to exceed import volumes for the fifth time in the past six months during Nov ’19, however, resulting in U.S. beef & veal trade finishing at a positive level. Despite remaining positive, Nov ’19 beef & veal net trade finished at a five year seasonal low level for the month of November. ’18-’19 annual beef & veal net trade finished at a positive level for the second consecutive year however beef & veal net trade remained 54.2% below previous year levels.
Broilers – Net Trade Reaches a Nine Year Seasonal High Level, Finishes up 3.8% YOY
Nov ’19 U.S. broiler export volumes increased 3.3% YOY, finishing higher on a YOY basis for the first time in the past four months and reaching a nine year seasonal high level. YOY increases in U.S. broiler export volumes were led by shipments destined to Vietnam, China, Hong Kong & Taiwan and the United Arab Emirates, while export volumes destined to Cuba declined most significantly on a YOY basis throughout the month.
Mexico has historically been the largest importer of U.S. broilers, accounting for over one fifth of the total U.S. broiler export volumes throughout the past five years. Throughout the past 12 months, U.S. broiler export volumes destined to Georgia have increased most significantly on a YOY basis, followed by volumes destined to Cuba, while shipments destined to Angola have declined most significantly on a YOY basis over the period.
U.S. broiler import volumes declined on a YOY basis for the second consecutive month during Nov ’19, finishing down 20.6% and reaching an eight year seasonal low level. Broiler import volumes remained at insignificant levels relative to export volumes, as Nov ’19 imports amounted to just 1.4% of export volumes. The YOY increase in broiler export volumes, coupled with the decline in import volumes, resulted in U.S. broiler net trade finishing 3.8% higher on a YOY basis during Nov ’19, reaching a nine year high seasonal level. The YOY increase in broiler net trade was the first experienced throughout the past four months. ’18-’19 annual net broiler trade finished up 1.7% YOY, reaching a five year high, despite the declines experienced throughout the final months of the production season.
Combined Net Trade
Overall, combined net trade of U.S. pork, beef and broilers increased on a YOY basis for the sixth time in the past seven months during Nov ’19, finishing up 94.4 million pounds, or 8.7%. The YOY increase in combined net trade of U.S. pork, beef and broilers was the largest experienced throughout the past four months.