U.S. Livestock & Meat Trade Update – Jun ’20
Executive Summary
U.S. livestock and meat trade figures provided by the USDA were recently updated with values spanning through Apr ’20. Highlights from the updated report include:
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 declined by 0.9% on a YOY basis throughout the past 12 months, however. 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 remained lower on a YOY basis for the 24th consecutive month during Apr ’20, finishing down 26.8% and reaching a 19 year low level, overall. The decline in pork import volumes, coupled with the increase in pork export volumes, resulted in U.S. net pork trade finishing up 31.0% YOY during Apr ’20, reaching a record high seasonal level. The YOY increase in net pork trade was the 12th experienced in a row.
’18-’19 annual net pork trade increased 5.6% YOY, finishing at a record high level for the second consecutive year. ’19-’20 YTD net pork trade has increased an additional 36.1% on a YOY basis throughout the first seven months of the production season.
Beef & Veal – Exports Decline to a Three Year Seasonal Low Level, Net Trade Remains Negative
U.S. beef & veal export volumes declined on a YOY basis for the first time in the past four months during Apr ’20, finishing down 3.4% and reaching a three year seasonal low level. YOY declines in U.S. beef & veal export volumes were led by shipments destined to Mexico, followed by shipments destined to South Korea, while export volumes destined to Japan finished most significantly higher 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 South Korea have increased most significantly on a YOY basis, while shipments destined to Mexico have declined most significantly on a YOY basis over the period.
U.S. beef & veal import volumes declined on a YOY basis for just the second time in the past seven months during Apr ’20, finishing down 0.8%. Beef & veal import volumes exceeded export volumes for the second consecutive month during Apr ’20, resulting in U.S. beef & veal trade finishing at a negative level. Apr ’20 beef & veal net trade finished at a four year low seasonal level, overall.
’18-’19 annual beef & veal net trade finished at a positive level for the second consecutive year however beef & veal net trade remained 54.2% below previous year levels. ’19-’20 YTD net beef & veal trade has declined to a negative level throughout the first seven months of the production season.
Broilers – Net Trade Reaches a Seven Year High Seasonal Level, Finishes up 8.2% YOY
U.S. broiler export volumes increased on a YOY basis for the sixth consecutive month during Apr ’20, finishing up 7.6% and reaching a seven year high seasonal level. YOY increases in U.S. broiler export volumes were led by shipments destined to China, Hong Kong & Taiwan, while export volumes destined to Vietnam 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, followed by volumes destined to Vietnam, while shipments destined to Angola have declined most significantly on a YOY basis over the period.
U.S. broiler import volumes declined on a YOY basis for the first time in the past five months during Apr ’20, finishing down 22.6% and reaching a five year low seasonal level. Broiler import volumes remained at insignificant levels relative to export volumes, as Apr ’20 imports amounted to just 1.5% of export volumes. The YOY increase in broiler export volumes, coupled with the YOY decline in import volumes, resulted in U.S. broiler net trade finishing 8.2% higher on a YOY basis during Apr ’20, reaching a seven year seasonal high level.
’18-’19 annual net broiler trade finished up 1.7% YOY, reaching a five year high, despite declines experienced throughout the final months of the production season. ’19-’20 YTD net broiler trade has increased an additional 4.1% on a YOY basis throughout the first seven months of the production season.
Combined Net Trade
Overall, combined net trade of U.S. pork, beef and broilers increased on a YOY basis for the 11th time in the past 12 months during Apr ’20, finishing up 175.6 million pounds, or 28.9%. The YOY increase in combined net trade of U.S. pork, beef and broilers was the smallest experienced throughout the past four months, however. Combined net trade of U.S. pork, beef and broilers had reached an eight and a half year high growth rate throughout the month of March, prior to declining but remaining positive throughout Apr ’20.
- U.S. net pork trade increased on a YOY basis for the 12th consecutive month during Apr ’20, finishing up 31.0% and reaching a record high seasonal level. Pork export volumes increased 22.3% on a YOY basis throughout the month, driven higher by continued growth in volumes destined to China, Hong Kong & Taiwan.
- U.S. beef & veal export volumes declined on a YOY basis for the first time in the past four months during Apr ’20, finishing down 3.4% and reaching a three year low seasonal level. Net beef & veal trade finished at a negative level for the second consecutive month.
- U.S. net broiler trade reached a seven year high seasonal level during Apr ’20, finishing 8.2% higher on a YOY basis.
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 declined by 0.9% on a YOY basis throughout the past 12 months, however. 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 remained lower on a YOY basis for the 24th consecutive month during Apr ’20, finishing down 26.8% and reaching a 19 year low level, overall. The decline in pork import volumes, coupled with the increase in pork export volumes, resulted in U.S. net pork trade finishing up 31.0% YOY during Apr ’20, reaching a record high seasonal level. The YOY increase in net pork trade was the 12th experienced in a row.
’18-’19 annual net pork trade increased 5.6% YOY, finishing at a record high level for the second consecutive year. ’19-’20 YTD net pork trade has increased an additional 36.1% on a YOY basis throughout the first seven months of the production season.
Beef & Veal – Exports Decline to a Three Year Seasonal Low Level, Net Trade Remains Negative
U.S. beef & veal export volumes declined on a YOY basis for the first time in the past four months during Apr ’20, finishing down 3.4% and reaching a three year seasonal low level. YOY declines in U.S. beef & veal export volumes were led by shipments destined to Mexico, followed by shipments destined to South Korea, while export volumes destined to Japan finished most significantly higher 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 South Korea have increased most significantly on a YOY basis, while shipments destined to Mexico have declined most significantly on a YOY basis over the period.
U.S. beef & veal import volumes declined on a YOY basis for just the second time in the past seven months during Apr ’20, finishing down 0.8%. Beef & veal import volumes exceeded export volumes for the second consecutive month during Apr ’20, resulting in U.S. beef & veal trade finishing at a negative level. Apr ’20 beef & veal net trade finished at a four year low seasonal level, overall.
’18-’19 annual beef & veal net trade finished at a positive level for the second consecutive year however beef & veal net trade remained 54.2% below previous year levels. ’19-’20 YTD net beef & veal trade has declined to a negative level throughout the first seven months of the production season.
Broilers – Net Trade Reaches a Seven Year High Seasonal Level, Finishes up 8.2% YOY
U.S. broiler export volumes increased on a YOY basis for the sixth consecutive month during Apr ’20, finishing up 7.6% and reaching a seven year high seasonal level. YOY increases in U.S. broiler export volumes were led by shipments destined to China, Hong Kong & Taiwan, while export volumes destined to Vietnam 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, followed by volumes destined to Vietnam, while shipments destined to Angola have declined most significantly on a YOY basis over the period.
U.S. broiler import volumes declined on a YOY basis for the first time in the past five months during Apr ’20, finishing down 22.6% and reaching a five year low seasonal level. Broiler import volumes remained at insignificant levels relative to export volumes, as Apr ’20 imports amounted to just 1.5% of export volumes. The YOY increase in broiler export volumes, coupled with the YOY decline in import volumes, resulted in U.S. broiler net trade finishing 8.2% higher on a YOY basis during Apr ’20, reaching a seven year seasonal high level.
’18-’19 annual net broiler trade finished up 1.7% YOY, reaching a five year high, despite declines experienced throughout the final months of the production season. ’19-’20 YTD net broiler trade has increased an additional 4.1% on a YOY basis throughout the first seven months of the production season.
Combined Net Trade
Overall, combined net trade of U.S. pork, beef and broilers increased on a YOY basis for the 11th time in the past 12 months during Apr ’20, finishing up 175.6 million pounds, or 28.9%. The YOY increase in combined net trade of U.S. pork, beef and broilers was the smallest experienced throughout the past four months, however. Combined net trade of U.S. pork, beef and broilers had reached an eight and a half year high growth rate throughout the month of March, prior to declining but remaining positive throughout Apr ’20.