Executive Summary

U.S. livestock and meat trade figures provided by the USDA were recently updated with values spanning through Apr ’21. Highlights from the updated report include:

• U.S. pork export volumes remained at a record high seasonal level for the second consecutive month however net pork trade finished 2.7% below the record high seasonal level experienced throughout the previous year.
• U.S. beef & veal export volumes increased 22.1% on a YOY basis throughout Apr ’21, remaining at a record high seasonal level for the sixth consecutive month, while net beef & veal trade remained at a positive level for the seventh consecutive month.
• U.S. net broiler trade finished higher on a YOY basis for the fourth time in the past five months, increasing by 4.6% and reaching an eight year high seasonal level. Broiler export volumes reached a record high seasonal level throughout the month.

Additional Report Details

Pork – Exports Remain at a Record High Seasonal Level However Net Trade Finishes Lower YOY

According to the USDA, U.S. pork export volumes increased 2.1% on a YOY basis throughout Apr ’21, remaining at a record high seasonal level for the second consecutive month. YOY increases in pork export volumes were led by volumes destined to Mexico, while pork export volumes destined to China, Hong Kong & Taiwan declined most significantly on a YOY basis throughout the month.

Mexico and Japan have historically been the largest importers of U.S. pork products, accounting for nearly 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 increased by 0.4% 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 China, Hong Kong & Taiwan, while shipments destined to South Korea have declined most significantly on a YOY basis over the period.

U.S. pork import volumes increased on a YOY basis for the seventh consecutive month during Apr ’21, finishing up 51.2%. The YOY increase in pork import volumes was the largest experienced throughout the past 19 years on a percentage basis. The increase in pork import volumes more than offset the increase in export volumes, resulting in U.S. net pork trade finishing down 2.7% YOY during Apr ’21. The YOY decline in net pork trade was the fifth experienced throughout the past six months. Despite declining on a YOY basis, Apr ’21 net pork trade remained at the second highest seasonal level on record.

’19-’20 annual net pork trade increased 25.4% YOY, finishing at a record high level for the third consecutive year. ’20-’21 YTD net pork trade has declined by 3.2% on a YOY basis throughout the first seven months of the production season, however.

Beef & Veal – Exports Remain at a Record High Seasonal Level, Net Trade Remains Positive

U.S. beef & veal export volumes finished higher on a YOY basis for seventh consecutive month during Apr ’21, increasing by 22.1%. Beef & veal export volumes remained at a record high seasonal level for the sixth consecutive month throughout Apr ’21. The Apr ’21 YOY increase in beef & veal export volumes was the largest experienced throughout the past four years on a percentage basis. YOY increases in U.S. beef & veal export volumes were led by shipments destined to China, Hong Kong & Taiwan, while export volumes destined to Japan declined most significantly 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 Japan and Mexico have declined most significantly on a YOY basis over the period.

Apr ’21 U.S. beef & veal import volumes increased on a YOY basis for the first time in the past six months, finishing up 1.5%. Beef & veal export volumes continued to exceed import volumes for the seventh consecutive month during Apr ’21, however, resulting in U.S. beef & veal net trade remaining at a positive level.

’19-’20 annual beef & veal net trade finished at a negative level for the first time in the past three years. ’20-’21 YTD net beef & veal trade has rebounded throughout the first seven months of the production season, however, and is on pace to reach a ten year high annual level.

Broilers – Exports Reach a Record High Seasonal Level, Net Trade Reaches an Eight Year Seasonal High

U.S. broiler export volumes finished higher on a YOY basis for the fourth time in the past five months, increasing by 5.2% and reaching a record high seasonal level. YOY increases in U.S. broiler export volumes were led by shipments destined to the Philippines, while volumes destined to China, Hong Kong & Taiwan 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 China, Hong Kong & Taiwan have increased most significantly on a YOY basis, while shipments destined to Georgia and Vietnam have declined most significantly on a YOY basis over the period.

U.S. broiler import volumes finished higher on a YOY basis for the first time in the past five months during Apr ’21, increasing by 46.6%. Broiler import volumes remained at insignificant levels relative to export volumes, however, as Apr ’21 imports amounted to just 2.1% of export volumes. The YOY increase in broiler export volumes more than offset the YOY increase in import volumes, resulting in U.S. broiler net trade finishing 4.6% higher on a YOY basis during Apr ’21. The YOY increase in broiler net trade was the fourth experienced throughout the past five months. Broiler net trade reached an eight year high seasonal level for the month of April.

’19-’20 annual net broiler trade finished up 2.7% YOY, reaching a six year high level. ’20-’21 YTD net broiler trade increased by an additional 2.8% on a YOY basis throughout the first seven months of the production season and is on pace to reach a record high level.

Combined Net Trade

Overall, combined net trade of U.S. pork, beef and broilers increased on a YOY basis for the second consecutive month during Apr ’21, finishing up 58.1 million pounds, or 5.2%. The YOY increase in combined net trade was the largest experience throughout the past six months on a percentage basis. Combined net trade of U.S. pork, beef and broilers reached a record high seasonal level for the month of April.