U.S. Livestock & Meat Trade Update – Dec ’20
Executive Summary
U.S. livestock and meat trade figures provided by the USDA were recently updated with values spanning through Oct ’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 0.5% 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 increased on a YOY basis for the second time in the past three months during Oct ’20, finishing up 4.5%. The increase in pork export volumes more than offset the increase in import volumes, however, resulting in U.S. net pork trade finishing up 14.6% YOY during Oct ’20, reaching a record high seasonal level. The YOY increase in net pork trade was the 18th 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 annual net pork trade increased by an additional 25.4% on a YOY basis.
Beef & Veal – Net Trade Finishes Positive for the First Time in the Past Eight Months
U.S. beef & veal export volumes finished higher on a YOY basis for just the second time in the past seven months during Oct ’20, increasing by 3.8%. YOY increases in U.S. beef & veal export volumes were led by shipments destined to China, Hong Kong & Taiwan, followed by shipments destined to Japan, while shipments destined to Mexico finished most significantly lower 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 Mexico have declined most significantly on a YOY basis, while shipments destined to China, Hong Kong & Taiwan have increased most significantly on a YOY basis over the period.
Oct ’20 U.S. beef & veal import volumes remained higher on a YOY basis for the fifth consecutive month, finishing up 3.9% and reaching a six year high seasonal level. Beef & veal export volumes exceeded import volumes for the first time in the past eight months during Oct ’20, however, resulting in U.S. beef & veal net trade finishing at a positive level.
’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 annual net beef & veal trade declined to a negative level, however.
Broilers – Net Trade Reaches a Record High Monthly Level, Finishes up 7.7% YOY
U.S. broiler export volumes finished higher on a YOY basis for the third consecutive month throughout Oct ’20, increasing by 7.8% and reaching a record high monthly 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 and the Philippines 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 Cuba and Angola have declined most significantly on a YOY basis over the period.
U.S. broiler import volumes increased on a YOY basis for the second time in the past three months during Oct ’20, finishing up 17.0%. Broiler import volumes remained at insignificant levels relative to export volumes, however, as Oct ’20 imports amounted to just 1.7% of export volumes. The YOY increase in broiler export volumes more than offset the increase in import volumes, resulting in U.S. broiler net trade finishing 7.7% higher on a YOY basis during Oct ’20. Broiler net trade reached a new record high level throughout the month.
’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 annual net broiler trade increased by an additional 2.7% on a YOY basis.
Combined Net Trade
Overall, combined net trade of U.S. pork, beef and broilers increased on a YOY basis for the second consecutive month during Oct ’20, finishing up 109.7 million pounds, or 6.0%. The YOY increase in combined net trade of U.S. pork, beef and broilers was the largest experienced throughout the past six months on a percentage basis. 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 decelerating throughout the past several months.
- U.S. net pork trade increased on a YOY basis for the 18th consecutive month during Oct ’20, finishing up 14.6% and reaching a record high seasonal level. Pork export volumes increased 13.0% 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 increased on a YOY basis for just the second time in the past seven months throughout Oct ’20, finishing up 3.8% and outpacing import volumes for the first time in the past eight months.
- U.S. net broiler trade reached a record high monthly level, finishing 7.7% 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 0.5% 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 increased on a YOY basis for the second time in the past three months during Oct ’20, finishing up 4.5%. The increase in pork export volumes more than offset the increase in import volumes, however, resulting in U.S. net pork trade finishing up 14.6% YOY during Oct ’20, reaching a record high seasonal level. The YOY increase in net pork trade was the 18th 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 annual net pork trade increased by an additional 25.4% on a YOY basis.
Beef & Veal – Net Trade Finishes Positive for the First Time in the Past Eight Months
U.S. beef & veal export volumes finished higher on a YOY basis for just the second time in the past seven months during Oct ’20, increasing by 3.8%. YOY increases in U.S. beef & veal export volumes were led by shipments destined to China, Hong Kong & Taiwan, followed by shipments destined to Japan, while shipments destined to Mexico finished most significantly lower 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 Mexico have declined most significantly on a YOY basis, while shipments destined to China, Hong Kong & Taiwan have increased most significantly on a YOY basis over the period.
Oct ’20 U.S. beef & veal import volumes remained higher on a YOY basis for the fifth consecutive month, finishing up 3.9% and reaching a six year high seasonal level. Beef & veal export volumes exceeded import volumes for the first time in the past eight months during Oct ’20, however, resulting in U.S. beef & veal net trade finishing at a positive level.
’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 annual net beef & veal trade declined to a negative level, however.
Broilers – Net Trade Reaches a Record High Monthly Level, Finishes up 7.7% YOY
U.S. broiler export volumes finished higher on a YOY basis for the third consecutive month throughout Oct ’20, increasing by 7.8% and reaching a record high monthly 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 and the Philippines 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 Cuba and Angola have declined most significantly on a YOY basis over the period.
U.S. broiler import volumes increased on a YOY basis for the second time in the past three months during Oct ’20, finishing up 17.0%. Broiler import volumes remained at insignificant levels relative to export volumes, however, as Oct ’20 imports amounted to just 1.7% of export volumes. The YOY increase in broiler export volumes more than offset the increase in import volumes, resulting in U.S. broiler net trade finishing 7.7% higher on a YOY basis during Oct ’20. Broiler net trade reached a new record high level throughout the month.
’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 annual net broiler trade increased by an additional 2.7% on a YOY basis.
Combined Net Trade
Overall, combined net trade of U.S. pork, beef and broilers increased on a YOY basis for the second consecutive month during Oct ’20, finishing up 109.7 million pounds, or 6.0%. The YOY increase in combined net trade of U.S. pork, beef and broilers was the largest experienced throughout the past six months on a percentage basis. 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 decelerating throughout the past several months.