Atten Babler Meat FX Indices – Nov ’15
The Atten Babler Commodities Meat Foreign Exchange (FX) Indices remained at or near record high levels during Oct ’15. The USD/Domestic Meat Importer FX Index increased to a record high while the USD/ Meat Exporter FX Index and the USD/Meat Importer FX Index each declined slightly but remained at the second highest figures on record.
Global Meat Net Trade:
Major net meat exporters are led by Brazil, followed by the U.S., the EU-28, India and Australia (represented in green in the chart below). Major net meat importers are led by Japan, followed by Russia, Mexico, Hong Kong and Saudi Arabia (represented in red in the chart below).
USD/Meat Exporter FX Index:
The USD/Meat Exporter FX Index declined 0.6 points in Oct ’15 from the record high experienced in Sep ’15 to a value of 163.1. The USD/Meat Exporter FX Index remains at the second highest figure on record and has increased 41.2 points since the beginning of 2014 and 16.5 points throughout the past six months. A strengthening USD/Meat Exporter FX Index reduces the competitiveness of U.S. meat relative to other exporting regions (represented in green in the Global Meat Net Trade chart), ultimately resulting in less foreign demand, all other factors being equal. USD appreciation against the Brazilian real and Argentine peso has accounted for the majority of the gains since the beginning of 2014.
Appreciation against the USD within the USD/Meat Exporter FX Index during Oct ’15 was led by gains by the Indian rupee, followed by the Turkish lira, Belarusian ruble, Australian dollar and Canadian dollar.
USD/Meat Importer FX Index:
The USD/Meat Importer FX Index declined 0.2 points in Oct ’15 from the record high experienced in Sep ’15 to a value of 125.0. The USD/Meat Importer FX Index remains at the second highest figure on record and has increased 45.1 points since the beginning of 2014 and 19.7 points throughout the past six months. A strengthening USD/Meat Importer FX Index results in less purchasing power for major meat importing countries (represented in red in the Global Meat Net Trade chart), making U.S. meat more expensive to import. USD appreciation against the Angolan kwanza and the Russian ruble has accounted for the majority of the gains since the beginning of 2014.
Appreciation against the USD within the USD/Meat Importer FX Index during Oct ’15 was led by gains by the Russian ruble, followed by the Mexican peso and South Korean won. USD gains were exhibited against the Kazakhstan tenge and Angolan kwanza.
U.S. Meat Export Destinations:
Major destinations for U.S. meat exports are led by Mexico, followed by Japan, China, Canada, and Hong Kong.
USD/Meat Domestic Importer FX Index:
The USD/Domestic Meat Importer FX Index increased 0.6 points in Oct ’15 to a new record high value of 223.7. The USD/Domestic Meat Importer FX Index has increased 50.1 points since the beginning of 2014 and 24.4 points throughout the past six months. A strengthening USD/Domestic Meat Importer FX Index results in less purchasing power for the traditional buyers of U.S. meat (represented in red in the U.S. Meat Export Destinations chart), ultimately resulting in less foreign demand, all other factors being equal. USD appreciation against the Angolan kwanza and Mexican peso has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Domestic Meat Importer FX Index during Oct ’15 was led by gains against the Angolan kwanza, followed by USD appreciated against the Kazakhstani tenge and Egyptian pound. USD declines were exhibited against the Russian ruble and Mexican peso.
USD/Meat Exporter FX Index:
The USD/Meat Exporter FX Index declined 0.6 points in Oct ’15 from the record high experienced in Sep ’15 to a value of 163.1. The USD/Meat Exporter FX Index remains at the second highest figure on record and has increased 41.2 points since the beginning of 2014 and 16.5 points throughout the past six months. A strengthening USD/Meat Exporter FX Index reduces the competitiveness of U.S. meat relative to other exporting regions (represented in green in the Global Meat Net Trade chart), ultimately resulting in less foreign demand, all other factors being equal. USD appreciation against the Brazilian real and Argentine peso has accounted for the majority of the gains since the beginning of 2014.
Appreciation against the USD within the USD/Meat Exporter FX Index during Oct ’15 was led by gains by the Indian rupee, followed by the Turkish lira, Belarusian ruble, Australian dollar and Canadian dollar.
USD/Meat Importer FX Index:
The USD/Meat Importer FX Index declined 0.2 points in Oct ’15 from the record high experienced in Sep ’15 to a value of 125.0. The USD/Meat Importer FX Index remains at the second highest figure on record and has increased 45.1 points since the beginning of 2014 and 19.7 points throughout the past six months. A strengthening USD/Meat Importer FX Index results in less purchasing power for major meat importing countries (represented in red in the Global Meat Net Trade chart), making U.S. meat more expensive to import. USD appreciation against the Angolan kwanza and the Russian ruble has accounted for the majority of the gains since the beginning of 2014.
Appreciation against the USD within the USD/Meat Importer FX Index during Oct ’15 was led by gains by the Russian ruble, followed by the Mexican peso and South Korean won. USD gains were exhibited against the Kazakhstan tenge and Angolan kwanza.
U.S. Meat Export Destinations:
Major destinations for U.S. meat exports are led by Mexico, followed by Japan, China, Canada, and Hong Kong.
USD/Meat Domestic Importer FX Index:
The USD/Domestic Meat Importer FX Index increased 0.6 points in Oct ’15 to a new record high value of 223.7. The USD/Domestic Meat Importer FX Index has increased 50.1 points since the beginning of 2014 and 24.4 points throughout the past six months. A strengthening USD/Domestic Meat Importer FX Index results in less purchasing power for the traditional buyers of U.S. meat (represented in red in the U.S. Meat Export Destinations chart), ultimately resulting in less foreign demand, all other factors being equal. USD appreciation against the Angolan kwanza and Mexican peso has accounted for the majority of the gains since the beginning of 2014.
USD appreciation within the USD/Domestic Meat Importer FX Index during Oct ’15 was led by gains against the Angolan kwanza, followed by USD appreciated against the Kazakhstani tenge and Egyptian pound. USD declines were exhibited against the Russian ruble and Mexican peso.