U.S. Livestock & Meat Trade Update – Apr ’20
Executive Summary
U.S. livestock and meat trade figures provided by the USDA were recently updated with values spanning through Feb ’20. 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 by 5.4% on a YOY basis 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, South Korea 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 22nd consecutive month during Feb ’20, finishing down 23.7%. The decline in pork import volumes, coupled with the increase in pork export volumes, resulted in U.S. net pork trade finishing up 54.7% YOY during Feb ’20, reaching a record high level. The YOY increase in net pork trade was the tenth experienced in a row and the largest experienced throughout the past eight years 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. ’19-’20 YTD net pork trade has increased an additional 34.6% on a YOY basis throughout the first five months of the production season.
Beef & Veal – Exports Reach a Record High Seasonal Level, Net Trade Remains Positive
U.S. beef & veal export volumes increased on a YOY basis for the second consecutive month during Feb ’20, finishing up 16.9% and reaching a record high seasonal level. Beef & veal export volumes had finished lower on a YOY basis over 12 consecutive months prior to the two most recent YOY increases. YOY increases in U.S. beef & veal export volumes were led by shipments destined to Japan, followed by shipments destined to South Korea, while export volumes destined to Mexico 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 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.
U.S. beef & veal import volumes increased on a YOY basis for the fourth time in the past five months during Feb ’20, finishing up 3.5%. Beef & veal export volumes continued to exceed import volumes for the sixth consecutive month during Feb ’20, however, resulting in U.S. beef & veal trade remaining at a positive level. Feb ’20 beef & veal net trade finished at a nine year high seasonal level.
’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. ’19-’20 YTD net beef & veal trade has declined an additional 44.6% on a YOY basis throughout the first five months of the production season.
Broilers – Net Trade Reaches a Six Year Seasonal High Level, Finishes up 2.2% YOY
U.S. broiler export volumes increased on a YOY basis for the fourth consecutive month during Feb ’20, finishing up 2.3% and reaching a six year high seasonal level. YOY increases in U.S. broiler export volumes were led by shipments destined to Mexico, followed by shipments destined to Vietnam and the Philippines, while export volumes destined to Cuba and Angola 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 Vietnam have increased most significantly on a YOY basis, followed by volumes destined to Georgia, while shipments destined to Angola have declined most significantly on a YOY basis over the period.
U.S. broiler import volumes increased on a YOY basis for the third consecutive month during Feb ’20, finishing up 8.3% and reaching a four year seasonal high level. Broiler import volumes remained at insignificant levels relative to export volumes, however, as Feb ’20 imports amounted to just 1.9% of export volumes. The YOY increase in broiler export volumes more than offset the YOY increase in import volumes, resulted in U.S. broiler net trade finishing 2.2% higher on a YOY basis during Feb ’20, reaching a six year high seasonal level.
’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. ’19-’20 YTD net broiler trade has increased an additional 1.4% on a YOY basis throughout the first five 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 ninth time in the past ten months during Feb ’20, finishing up 260.4 million pounds, or 26.8%. The YOY increase in combined net trade of U.S. pork, beef and broilers was the largest experienced throughout the past eight and a half years.
- U.S. net pork trade increased on a YOY basis for the tenth consecutive month during Feb ’20, finishing up 54.7% to a record high seasonal level. Pork export volumes increased 40.5% on a YOY basis throughout the month, driven higher by continued growth in volumes destined to China, Hong Kong & Taiwan.
- U.S. beef & veal export volumes increased on a YOY basis for the second consecutive month during Feb ’20, finishing up 16.9% and reaching a record high seasonal level. Net beef & veal trade remained at a positive level for the sixth consecutive month, finishing at a nine year high seasonal level.
- U.S. net broiler trade reached a six year seasonal high level during Feb ’20, finishing 2.2% 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 by 5.4% on a YOY basis 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, South Korea 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 22nd consecutive month during Feb ’20, finishing down 23.7%. The decline in pork import volumes, coupled with the increase in pork export volumes, resulted in U.S. net pork trade finishing up 54.7% YOY during Feb ’20, reaching a record high level. The YOY increase in net pork trade was the tenth experienced in a row and the largest experienced throughout the past eight years 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. ’19-’20 YTD net pork trade has increased an additional 34.6% on a YOY basis throughout the first five months of the production season.
Beef & Veal – Exports Reach a Record High Seasonal Level, Net Trade Remains Positive
U.S. beef & veal export volumes increased on a YOY basis for the second consecutive month during Feb ’20, finishing up 16.9% and reaching a record high seasonal level. Beef & veal export volumes had finished lower on a YOY basis over 12 consecutive months prior to the two most recent YOY increases. YOY increases in U.S. beef & veal export volumes were led by shipments destined to Japan, followed by shipments destined to South Korea, while export volumes destined to Mexico 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 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.
U.S. beef & veal import volumes increased on a YOY basis for the fourth time in the past five months during Feb ’20, finishing up 3.5%. Beef & veal export volumes continued to exceed import volumes for the sixth consecutive month during Feb ’20, however, resulting in U.S. beef & veal trade remaining at a positive level. Feb ’20 beef & veal net trade finished at a nine year high seasonal level.
’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. ’19-’20 YTD net beef & veal trade has declined an additional 44.6% on a YOY basis throughout the first five months of the production season.
Broilers – Net Trade Reaches a Six Year Seasonal High Level, Finishes up 2.2% YOY
U.S. broiler export volumes increased on a YOY basis for the fourth consecutive month during Feb ’20, finishing up 2.3% and reaching a six year high seasonal level. YOY increases in U.S. broiler export volumes were led by shipments destined to Mexico, followed by shipments destined to Vietnam and the Philippines, while export volumes destined to Cuba and Angola 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 Vietnam have increased most significantly on a YOY basis, followed by volumes destined to Georgia, while shipments destined to Angola have declined most significantly on a YOY basis over the period.
U.S. broiler import volumes increased on a YOY basis for the third consecutive month during Feb ’20, finishing up 8.3% and reaching a four year seasonal high level. Broiler import volumes remained at insignificant levels relative to export volumes, however, as Feb ’20 imports amounted to just 1.9% of export volumes. The YOY increase in broiler export volumes more than offset the YOY increase in import volumes, resulted in U.S. broiler net trade finishing 2.2% higher on a YOY basis during Feb ’20, reaching a six year high seasonal level.
’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. ’19-’20 YTD net broiler trade has increased an additional 1.4% on a YOY basis throughout the first five 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 ninth time in the past ten months during Feb ’20, finishing up 260.4 million pounds, or 26.8%. The YOY increase in combined net trade of U.S. pork, beef and broilers was the largest experienced throughout the past eight and a half years.