Executive Summary

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

• May ’21 U.S. pork export volumes remained at a record high seasonal level for the third consecutive month while net pork trade also reached a record high seasonal level, finishing 14.0% above previous year levels.
• U.S. beef & veal export volumes increased 68.9% on a YOY basis throughout May ’21, reaching a record high monthly level, while net beef & veal trade remained at a positive level for the eighth consecutive month, reaching a record high seasonal level for the month of May.
• U.S. net broiler trade finished higher on a YOY basis for the fifth time in the past six months, increasing by 16.6% and reaching a record high seasonal level.

Additional Report Details

Pork – Exports & Net Trade Each Reach Record High Seasonal Levels

According to the USDA, U.S. pork export volumes increased 11.3% on a YOY basis throughout May ’21, remaining at a record high seasonal level for the third 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 6.3% 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 declined on a YOY basis for the first time in the past eight months during May ’21, finishing down 5.7%. The increase in pork export volumes, coupled with the decline in import volumes, resulting in May ’21 U.S. net pork trade finishing 14.0% above previous year levels, reaching a record high seasonal level. The YOY increase in net pork trade was just the second experienced throughout the past seven months and the largest experienced throughout the seven month period.

’19-’20 annual net pork trade increased 25.3% YOY, finishing at a record high level for the third consecutive year. ’20-’21 YTD net pork trade has declined by 1.1% on a YOY basis throughout the first two thirds of the production season, however, despite the most recent increase.

Beef & Veal – Exports Reach at a Record High Monthly Level, Net Trade Remains Positive

U.S. beef & veal export volumes finished higher on a YOY basis for eighth consecutive month during May ’21, increasing by 68.9% and reaching a record high monthly level. Beef & veal export volumes remained at a record high seasonal level for the seventh consecutive month throughout May ’21. The May ’21 YOY increase in beef & veal export volumes was the largest experienced throughout the past 12 and a half years on a percentage basis. YOY increases in U.S. beef & veal export volumes were led by shipments destined to China, Hong Kong & Taiwan, followed by shipments destined to South Kora and Japan.

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.

May ’21 U.S. beef & veal import volumes increased on a YOY basis for the second consecutive month, finishing up 0.6%. Beef & veal export volumes continued to exceed import volumes for the eighth consecutive month during May ’21, however, resulting in U.S. beef & veal net trade remaining at a positive level. Beef & veal net trade reached a record high seasonal level for the month of May.

’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 two thirds of the production season, however, and is on pace to reach a ten year high annual level.

Broilers – Exports & Net Trade Each Reach Record High Seasonal Levels

U.S. broiler export volumes finished higher on a YOY basis for the fifth time in the past six months, increasing by 16.6% and reaching a record high seasonal level. The YOY increase in broiler export volumes was the largest experienced throughout the past four years on a percentage basis. YOY increases in U.S. broiler export volumes were led by shipments destined to Mexico, 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 second consecutive month during May ’21, increasing by 19.3%. Broiler import volumes remained at insignificant levels relative to export volumes, however, as May ’21 imports amounted to just 1.8% 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 16.6% higher on a YOY basis during May ’21. The YOY increase in broiler net trade was the fifth experienced throughout the past six months and the largest experienced throughout the past four years on a percentage basis. Broiler net trade reached a record high seasonal level for the month of May.

’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 4.4% on a YOY basis throughout the first two thirds 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 third consecutive month during May ’21, finishing up 288.6 million pounds, or 29.0%. The YOY increase in combined net trade was the largest experience throughout the past nine and a half years on an absolute basis. Combined net trade of U.S. pork, beef and broilers reached the highest monthly figure on record throughout May ’21.