Executive Summary

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

• Jun ’21 U.S. pork export volumes remained at a record high seasonal level for the fourth consecutive month while net pork trade also reached a record high seasonal level, finishing 7.6% above previous year levels.
• U.S. beef & veal export volumes increased 46.2% on a YOY basis throughout Jun ’21, reaching the second highest seasonal level on record, however net beef & veal trade finished at a negative level for the first time in the past nine months.
• U.S. net broiler trade finished higher on a YOY basis for the sixth time in the past seven months, increasing by 15.3% 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 9.5% on a YOY basis throughout Jun ’21, remaining at a record high seasonal level for the fourth 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 11.4% 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 exports destined to China, Hong Kong & Taiwan remain elevated when compared to historical figures, however.

U.S. pork import volumes reached a three year high level throughout Jun ’21, finishing 19.7% above previous year figures. The YOY increase in pork import volumes was the eighth experienced throughout the past nine months. The increase in pork export volumes more than offset the increase in import volumes throughout the month, resulting in Jun ’21 U.S. net pork trade finishing 7.6% above previous year levels, reaching a record high seasonal level.

’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 0.4% on a YOY basis throughout the first three quarters of the production season, however, despite the most recent increase.

Beef & Veal – Net Trade Finishes Negative for the First Time in Nine Months

U.S. beef & veal export volumes finished higher on a YOY basis for ninth consecutive month during Jun ’21, increasing by 46.2% and reaching the second highest seasonal level on record. 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 Mexico.

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 Vietnam and Japan have declined most significantly on a YOY basis over the period.

Jun ’21 U.S. beef & veal import volumes increased on a YOY basis for the third consecutive month, finishing up 3.9%. Beef & veal import volumes exceeded export volumes for the first time in the past nine months during Jun ’21, resulting in U.S. beef & veal net trade finishing at a negative 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 three quarters 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 sixth time in the past seven months, increasing by 15.5% and reaching a record high seasonal level. 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 Mexico 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 third consecutive month during Jun ’21, increasing by 25.4%. Broiler import volumes remained at insignificant levels relative to export volumes, however, as Jun ’21 imports amounted to just 2.4% 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 15.3% higher on a YOY basis during Jun ’21, reaching a record high seasonal level.

’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 5.5% on a YOY basis throughout the first three quarters 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 fourth consecutive month during Jun ’21, finishing up 189.7 million pounds, or 22.1%. Combined net trade of U.S. pork, beef and broilers remained at a record high seasonal level for the fourth consecutive month throughout Jun ’21.