U.S. Livestock & Meat Trade Update – Jan ’21
Executive Summary
U.S. livestock and meat trade figures provided by the USDA were recently updated with values spanning through Nov ’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 increased by 1.0% 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 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 third time in the past four months during Nov ’20, finishing up 17.8%. The increase in pork import volumes more than offset the increase in export volumes, resulting in U.S. net pork trade finishing down 0.8% YOY during Nov ’20. The YOY decline in net pork trade was the first experienced throughout the past 19 months. Despite declining on a YOY basis, Nov ’20 net pork trade remained at the second highest seasonal level on record.
’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 – Exports Reach a Record High Seasonal Level, Net Trade Remains Positive
U.S. beef & veal export volumes finished higher on a YOY basis for third time in the past four months during Nov ’20, increasing by 13.2% and reaching a record high seasonal level. YOY increases in U.S. beef & veal export volumes were led by shipments destined to China, Hong Kong & Taiwan, followed closely by shipments destined to Mexico. U.S. beef & veal export volumes destined to Canada declined most significantly 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.
Nov ’20 U.S. beef & veal import volumes declined on a YOY basis for the first time in the past six months, finishing down 3.9%. Beef & veal export volumes exceeded import volumes for the second consecutive month during Nov ’20, resulting in U.S. beef & veal net trade remaining 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 Declines YOY for the First Time in the Past Four Months, Finishes Down 0.3%
U.S. broiler export volumes declined on a YOY basis for the first time in the past four months, finishing down 0.2%. YOY declines in U.S. broiler export volumes were led by shipments destined to Vietnam, followed by shipments destined to the Philippines and the United Arab Emirates, while export volumes destined to China, Hong Kong & Taiwan increased 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, 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 third time in the past four months during Nov ’20, finishing up 12.1%. Broiler import volumes remained at insignificant levels relative to export volumes, however, as Nov ’20 imports amounted to just 1.6% of export volumes. The YOY decline in broiler export volumes, coupled with the YOY increase in import volumes, resulted in U.S. broiler net trade finishing 0.3% lower on a YOY basis during Nov ’20. The YOY decline in broiler net trade was the first experienced throughout the past four months.
’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 third consecutive month during Nov ’20, finishing up 35.4 million pounds, or 3.0%. The YOY increase in combined net trade of U.S. pork, beef and broilers was the smallest experienced throughout the three month period, 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 decelerating throughout the past several months.
- U.S. net pork trade declined on a YOY basis for the first time in the past 19 months during Nov ’20, finishing down 0.8%. Net pork trade finished lower on a YOY basis despite pork export volumes increasing by 1.5% YOY throughout the month, driven higher by strong Mexican demand.
- U.S. beef & veal export volumes increased 13.2% on a YOY basis throughout Nov ’20, reaching a record high seasonal level. Net beef & veal trade remained at a positive level for the second consecutive month.
- U.S. net broiler trade declined 0.3% on a YOY basis throughout Nov ’20, finishing lower for the first time in the past four months.
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 1.0% 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 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 third time in the past four months during Nov ’20, finishing up 17.8%. The increase in pork import volumes more than offset the increase in export volumes, resulting in U.S. net pork trade finishing down 0.8% YOY during Nov ’20. The YOY decline in net pork trade was the first experienced throughout the past 19 months. Despite declining on a YOY basis, Nov ’20 net pork trade remained at the second highest seasonal level on record.
’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 – Exports Reach a Record High Seasonal Level, Net Trade Remains Positive
U.S. beef & veal export volumes finished higher on a YOY basis for third time in the past four months during Nov ’20, increasing by 13.2% and reaching a record high seasonal level. YOY increases in U.S. beef & veal export volumes were led by shipments destined to China, Hong Kong & Taiwan, followed closely by shipments destined to Mexico. U.S. beef & veal export volumes destined to Canada declined most significantly 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.
Nov ’20 U.S. beef & veal import volumes declined on a YOY basis for the first time in the past six months, finishing down 3.9%. Beef & veal export volumes exceeded import volumes for the second consecutive month during Nov ’20, resulting in U.S. beef & veal net trade remaining 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 Declines YOY for the First Time in the Past Four Months, Finishes Down 0.3%
U.S. broiler export volumes declined on a YOY basis for the first time in the past four months, finishing down 0.2%. YOY declines in U.S. broiler export volumes were led by shipments destined to Vietnam, followed by shipments destined to the Philippines and the United Arab Emirates, while export volumes destined to China, Hong Kong & Taiwan increased 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, 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 third time in the past four months during Nov ’20, finishing up 12.1%. Broiler import volumes remained at insignificant levels relative to export volumes, however, as Nov ’20 imports amounted to just 1.6% of export volumes. The YOY decline in broiler export volumes, coupled with the YOY increase in import volumes, resulted in U.S. broiler net trade finishing 0.3% lower on a YOY basis during Nov ’20. The YOY decline in broiler net trade was the first experienced throughout the past four months.
’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 third consecutive month during Nov ’20, finishing up 35.4 million pounds, or 3.0%. The YOY increase in combined net trade of U.S. pork, beef and broilers was the smallest experienced throughout the three month period, 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 decelerating throughout the past several months.