Executive Summary

U.S. livestock and meat trade figures provided by the USDA were recently updated with values spanning through Mar ’22. Highlights from the updated report include:

• U.S. pork export volumes remained below previous year levels for the ninth consecutive month throughout Mar ’22 while pork import volumes remained at a record high seasonal level for the eighth consecutive month. Mar ’22 net pork trade declined to a six year low seasonal level, finishing 35.5% below previous year levels.
• U.S. beef & veal export volumes increased 1.2% on a YOY basis throughout Mar ’22, remaining at a record high seasonal level, however net beef & veal trade finished at a six year low seasonal level as import volumes also reached a record high seasonal level throughout the month.
• U.S. net broiler trade declined to a three year low seasonal level throughout Mar ’22, finishing 1.6% below previous year levels.

Additional Report Details

Pork – Net Trade Declines to a Six Year Low Seasonal Level, Down 35.5% YOY

According to the USDA, U.S. pork export volumes declined 25.3% on a YOY basis throughout Mar ’22, remaining at a three year low seasonal level for the fifth consecutive month. The YOY decline in pork export volumes was the ninth experienced in a row and the largest experienced throughout the past 12 and a half years on a percentage basis. Pork export volumes had reached record high seasonal levels over four consecutive months through Jun ’21, prior to declining on a YOY basis throughout the nine most recent months of available data.

YOY declines in pork export volumes continue to be led by volumes destined to China, Hong Kong & Taiwan, while pork export volumes destined to Mexico remained most significantly higher on a YOY basis throughout the month. Pork export volumes destined to China, Hong Kong & Taiwan declined by 74.7% on a YOY basis throughout the month, while volumes destined to all other countries finished just 9.7% below previous year figures.

Mexico and Japan have historically been the largest importers of U.S. pork products, accounting for over 45% 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 increased by 23.4% on a YOY basis throughout the past 12 months. Throughout the past 12 months, YOY increases in U.S. pork exports have been led by product destined to Mexico, while shipments destined to China, Hong Kong & Taiwan have declined most significantly on a YOY basis over the period.

U.S. pork import volumes remained at a record high seasonal level for the eighth consecutive month throughout Mar ’22, finishing 45.9% above previous year figures. The YOY increase in pork import volumes was the 17^th experienced throughout the past 18 months. The increase in pork import volumes, coupled with the decline in export volumes, resulted in Mar ’22 U.S. net pork trade finishing 35.5% below previous year levels, reaching a six year low seasonal level. The YOY decline in net pork trade was the ninth experienced in a row and the largest experienced throughout the past 12 and a half years.

’20-’21 annual net pork trade declined 2.9% YOY, finishing below previous year levels for the first time in the past six years. ’21-’22 YTD net pork trade has declined by an additional 24.8% on a YOY basis throughout the first half of the production season and is on pace to reach a five year low level.

Beef & Veal – Net Trade Remains at a Six Year Low Seasonal Level, Despite Record Seasonal Exports

Mar ’22 U.S. beef & veal export volumes remained at a record high seasonal level for the 16^th time in the past 17 months, finishing 1.2% above previous year levels. The YOY increase in beef & veal export volumes was the 18^th experienced in a row.

YOY increases in beef & veal export volumes were led by shipments destined to South Korea, while export volumes destined to Japan finished most significantly lower 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 China, Hong Kong & Taiwan have increased most significantly on a YOY basis, while shipments destined to Mexico and Vietnam have declined most significantly on a YOY basis over the period.

Mar ’22 U.S. beef & veal import volumes finished above previous year levels for the sixth consecutive month, increasing by 29.5% and remaining at a record high seasonal level for the third consecutive month. Beef & veal import volumes exceeded export volumes for the third consecutive month throughout Mar ’22, resulting in U.S. beef & veal net trade finishing at a negative level and remaining at a six year low seasonal level.

’20-’21 annual beef & veal net trade reached an eight year high annual level, rebounding from the negative level experienced throughout the previous production season. ’21-’22 YTD net beef & veal trade is on pace to reach a six year low level, however, based on the first half of available data.

Broilers – Net Trade Declines to a Three Year Low Seasonal Level, Down 1.6% YOY

U.S. broiler export volumes declined 1.1% on a YOY basis throughout Mar ’22, reaching a three year low seasonal level. The YOY decline in broiler export volumes was the fifth experienced throughout the past seven months. Broiler export volumes had reached a record high monthly level throughout Feb ’22, prior to declining over the month of March.

YOY declines in U.S. broiler export volumes were led by shipments destined to Mexico, followed by volumes destined to the Philippines, while volumes destined to South Africa increased 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 Mexico have increased most significantly on a YOY basis, followed by volumes destined to Cuba, while shipments destined to China, Hong Kong & Taiwan have declined most significantly on a YOY basis over the period.

U.S. broiler import volumes finished above previous year levels for the sixth consecutive month during Mar ’22, increasing by 25.1% and reaching a record high seasonal level. Broiler import volumes remained at insignificant levels relative to export volumes, however, as Mar ’22 imports amounted to just 2.4% of export volumes. The YOY decline in broiler export volumes, coupled with the increase in import volumes, resulted in Mar ’22 U.S. broiler net trade finishing 1.6% below previous year levels and reaching a three year low seasonal level.

’20-’21 annual net broiler trade finished 4.5% above previous year figures, reaching a record high annual level. ’21-’22 YTD net broiler trade has declined 1.7% on a YOY basis throughout the first half of the production season, however.

Combined Net Trade

Overall, combined net trade of U.S. pork, beef and broilers remained below previous year levels for the seventh consecutive month during Mar ’22, finishing down 304.0 million pounds, or 23.9%, and remaining at a three year low seasonal level. The YOY decline in combined net trade of pork, beef and broilers was the largest experienced throughout the past six and a half years.