U.S. Livestock & Meat Trade Update – Jun ’15
Pork – Exports Reach Three Year High, Net Trade Increases YOY for First Time in Ten Months
Apr ’15 U.S. pork export volumes increased 10.9% YOY and 13.5% MOM on a daily average basis to the highest monthly figure experienced in over three years. The YOY increase in pork exports was the first experienced in the last ten months. Of the major U.S. pork export destinations, YOY volume increases on a percentage basis continue to be led by South Korea, with Apr ’15 shipments up 43.2% YOY. U.S. pork exports to South Korea have increased YOY for 15 consecutive months. Exports destined to Mexico increased YOY for the third consecutive month, finishing up 15.2%, while exports to Japan increased YOY for the first time in ten months, finishing 16.2% higher than the previous year. Exports destined to Canada declined YOY for the first time in three months, finishing 13.9% lower. U.S. pork exports to Japan, Mexico, South Korea and Canada accounted for over three quarters of all pork export volumes in Apr ’15.
Apr ’15 U.S. pork imports remained higher on a YOY basis, increasing by 10.5%, but declined 11.4% MOM on a daily average basis. U.S. pork imports have increased YOY for 14 consecutive months, however the 10.5% YOY increase was the smallest experienced in five months. The significant increase in pork exports, coupled with lower than recently experienced pork imports, resulted in Apr ’15 net pork trade increasing YOY for the first time in ten months. Apr ’15 U.S. net pork trade finished 10.9% higher YOY while also increasing 20.9% MOM on a daily average basis.
U.S. pork export volumes have strengthened considerably over the past 25 years, increasing at a compound annual growth rate (CAGR) of 13.2%, while U.S. pork imports have remained fairly flat, increasing at a CAGR of 0.3% over the same time period. ’13-’14 annual pork imports experienced much stronger growth, finishing 10.5% higher than the previous year, the largest YOY percentage gain in 11 years. Despite the increase in pork imports, ’13-’14 annual pork exports volumes remained over five times as large as import volumes. Pork export volumes have remained over four times as large as import volumes throughout the first seven months of the ’14-’15 production season.
Beef & Veal – Net Trade Declines to New Seven and a Half Year Low
Apr ’15 U.S. beef & veal export volumes increased 11.3% on a daily average basis but remained lower YOY for the tenth consecutive month, finishing 3.6% below the previous year. Of the major export destinations, YOY declines in export volumes were led by Mexico (-25.2%), followed by combined volumes to Hong Kong, Taiwan and China (-12.9%) and Canada (-10.4%). Export volumes to South Korea and Japan each increased YOY for the third consecutive month, increasing by 21.7% and 4.8%, respectively. U.S. beef & veal exports to the aforementioned countries accounted for over 85% of all beef & veal export volumes in Apr ’15.
Apr ’15 U.S. beef & veal imports remained strong, increasing 27.5% YOY and 9.9% MOM on a daily average basis to a new nine and a half year high. Beef & veal import volumes exceeded export volumes for the 14th consecutive month in Apr ’15, with import volumes exceeding export volumes by 31.0% over the period.
Recent strength in beef & veal imports resulted in ’13-’14 annual U.S. beef & veal imports finishing higher than annual U.S. beef & veal exports for the first time in four years, with this trend continuing into the ’14-’15 production season. Beef & veal net trade declined to a new seven and a half year low in Apr ’15.
Chicken – Net Trade Increases YOY for First Time in Seven Months
Apr ’15 U.S. broiler export volumes declined 1.8% MOM on a daily average basis but increased YOY for the first time in seven months, finishing 0.2% higher. Total broiler export volumes increased YOY despite the ongoing Russian import ban. Russia accounted for 8.2% of U.S. broiler export volumes throughout the ’12-’13 production season. Excluding Russia, Apr ’15 broiler export volumes increased 4.0% YOY. Combined broiler export volumes to Hong Kong, Taiwan and China increased 31.9% YOY while broiler export volumes to Mexico increased YOY for the 17th consecutive month, finishing up 1.5%. Broiler export volumes to Mexico have accounted for over a fifth of total broiler export volumes over the past 12 months.
Apr ’15 U.S. broiler imports remained strong, increasing 25.0% YOY and 28.1% MOM on a daily average basis. Broiler imports remain at insignificant levels relative to export volumes, with Apr ’15 imports amounting to only 1.4% of export volumes. Apr ’15 net broiler trade declined 1.3% MOM on a daily average basis but increased YOY for the first time in seven months, finishing 0.6% higher. Despite the increase, net broiler trade remains down 7.0% YTD YOY through the first seven months of the ’14-’15 production season.
U.S. broiler export volumes have strengthened considerably over the past 25 years, increasing at a compound annual growth rate (CAGR) of 18.3%. U.S. broiler import volumes have increased at a CAGR of 21.6% over the same time period but remain significantly lower. ’13-’14 annual broiler exports volumes were over 60 times as large as import volumes. Broiler export volumes have remained 59 times as large as import volumes throughout the first seven months of the ’14-’15 production season.
U.S. pork export volumes have strengthened considerably over the past 25 years, increasing at a compound annual growth rate (CAGR) of 13.2%, while U.S. pork imports have remained fairly flat, increasing at a CAGR of 0.3% over the same time period. ’13-’14 annual pork imports experienced much stronger growth, finishing 10.5% higher than the previous year, the largest YOY percentage gain in 11 years. Despite the increase in pork imports, ’13-’14 annual pork exports volumes remained over five times as large as import volumes. Pork export volumes have remained over four times as large as import volumes throughout the first seven months of the ’14-’15 production season.
Beef & Veal – Net Trade Declines to New Seven and a Half Year Low
Apr ’15 U.S. beef & veal export volumes increased 11.3% on a daily average basis but remained lower YOY for the tenth consecutive month, finishing 3.6% below the previous year. Of the major export destinations, YOY declines in export volumes were led by Mexico (-25.2%), followed by combined volumes to Hong Kong, Taiwan and China (-12.9%) and Canada (-10.4%). Export volumes to South Korea and Japan each increased YOY for the third consecutive month, increasing by 21.7% and 4.8%, respectively. U.S. beef & veal exports to the aforementioned countries accounted for over 85% of all beef & veal export volumes in Apr ’15.
Apr ’15 U.S. beef & veal imports remained strong, increasing 27.5% YOY and 9.9% MOM on a daily average basis to a new nine and a half year high. Beef & veal import volumes exceeded export volumes for the 14th consecutive month in Apr ’15, with import volumes exceeding export volumes by 31.0% over the period.
Recent strength in beef & veal imports resulted in ’13-’14 annual U.S. beef & veal imports finishing higher than annual U.S. beef & veal exports for the first time in four years, with this trend continuing into the ’14-’15 production season. Beef & veal net trade declined to a new seven and a half year low in Apr ’15.
Chicken – Net Trade Increases YOY for First Time in Seven Months
Apr ’15 U.S. broiler export volumes declined 1.8% MOM on a daily average basis but increased YOY for the first time in seven months, finishing 0.2% higher. Total broiler export volumes increased YOY despite the ongoing Russian import ban. Russia accounted for 8.2% of U.S. broiler export volumes throughout the ’12-’13 production season. Excluding Russia, Apr ’15 broiler export volumes increased 4.0% YOY. Combined broiler export volumes to Hong Kong, Taiwan and China increased 31.9% YOY while broiler export volumes to Mexico increased YOY for the 17th consecutive month, finishing up 1.5%. Broiler export volumes to Mexico have accounted for over a fifth of total broiler export volumes over the past 12 months.
Apr ’15 U.S. broiler imports remained strong, increasing 25.0% YOY and 28.1% MOM on a daily average basis. Broiler imports remain at insignificant levels relative to export volumes, with Apr ’15 imports amounting to only 1.4% of export volumes. Apr ’15 net broiler trade declined 1.3% MOM on a daily average basis but increased YOY for the first time in seven months, finishing 0.6% higher. Despite the increase, net broiler trade remains down 7.0% YTD YOY through the first seven months of the ’14-’15 production season.
U.S. broiler export volumes have strengthened considerably over the past 25 years, increasing at a compound annual growth rate (CAGR) of 18.3%. U.S. broiler import volumes have increased at a CAGR of 21.6% over the same time period but remain significantly lower. ’13-’14 annual broiler exports volumes were over 60 times as large as import volumes. Broiler export volumes have remained 59 times as large as import volumes throughout the first seven months of the ’14-’15 production season.