Executive Summary

U.S. livestock and meat trade figures provided by the USDA were recently updated with values spanning through Feb ’22. Highlights from the updated report include:

• U.S. pork export volumes remained below previous year levels for the eighth consecutive month throughout Feb ’22 while pork import volumes remained at a record high seasonal level for the seventh consecutive month. Feb ’22 net pork trade declined to a five year low seasonal level, finishing 28.5% below previous year levels.
• U.S. beef & veal export volumes increased 1.6% on a YOY basis throughout Feb ’22, remaining at a record high seasonal level, however net beef & veal trade finished at a six year low seasonal level as import volumes also reached a record high seasonal level throughout the month.
• U.S. net broiler trade reached a record high monthly level throughout Feb ’22, finishing 14.0% above previous year levels.

Additional Report Details

Pork – Net Trade Declines to a Five Year Low Seasonal Level, Down 28.5% YOY

According to the USDA, U.S. pork export volumes declined 17.9% on a YOY basis throughout Feb ’22, remaining at a three year low seasonal level for the fourth consecutive month. The YOY decline in pork export volumes was the eighth experienced in a row. Pork export volumes had reached record high seasonal levels over four consecutive months through Jun ’21, prior to declining on a YOY basis throughout the eight most recent months of available data.

YOY declines in pork export volumes continue to be led by volumes destined to China, Hong Kong & Taiwan, while pork export volumes destined to Mexico remained most significantly higher on a YOY basis throughout the month. Pork export volumes destined to China, Hong Kong & Taiwan declined by 70.3% on a YOY basis throughout the month, while volumes destined to all other countries finished just 1.2% below previous year figures.

Mexico and Japan have historically been the largest importers of U.S. pork products, accounting for over 45% 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 23.6% 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 Mexico, while shipments destined to China, Hong Kong & Taiwan have declined most significantly on a YOY basis over the period.

U.S. pork import volumes remained at a record high seasonal level for the seventh consecutive month throughout Feb ’22, finishing 55.6% above previous year figures. The YOY increase in pork import volumes was the 16^th experienced throughout the past 17 months. The increase in pork import volumes, coupled with the decline in export volumes, resulted in Feb ’22 U.S. net pork trade finishing 28.5% below previous year levels, reaching a five year low seasonal level. The YOY decline in net pork trade was the eighth experienced in a row and the largest experienced throughout the past seven years.

’20-’21 annual net pork trade declined 2.9% YOY, finishing below previous year levels for the first time in the past six years. ’21-’22 YTD net pork trade has declined by an additional 22.3% on a YOY basis throughout the first five months of the production season and is on pace to reach a three year low level.

Beef & Veal – Net Trade Remains at a Six Year Low Seasonal Level, Despite Record Seasonal Exports

Feb ’22 U.S. beef & veal export volumes remained at a record high seasonal level for the 15^th time in the past 16 months, finishing 1.6% above previous year levels. The YOY increase in beef & veal export volumes was the 17^th experienced in a row.

YOY increases in beef & veal export volumes continue to be led by shipments destined to China, Hong Kong & Taiwan, while export volumes destined to South Korea 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 China, Hong Kong & Taiwan have increased most significantly on a YOY basis, while shipments destined to Vietnam and Canada have declined most significantly on a YOY basis over the period.

Feb ’22 U.S. beef & veal import volumes finished above previous year levels for the fifth consecutive month, increasing by 40.5% and remaining at a record high seasonal level for the second consecutive month. Beef & veal import volumes exceeded export volumes for the second consecutive month throughout Feb ’22, resulting in U.S. beef & veal net trade finishing at a negative level and remaining at a six year low seasonal level.

’20-’21 annual beef & veal net trade reached an eight year high annual level, rebounding from the negative level experienced throughout the previous production season. ’21-’22 YTD net beef & veal trade is on pace to reach a six year low level, however, based on the first five months of available data.

Broilers – Net Trade Reaches a Record High Monthly Level, up 14.0% YOY

U.S. broiler export volumes increased 14.5% on a YOY basis throughout Feb ’22, reaching a record high monthly level. The YOY increase in broiler export volumes was the second experienced throughout the past three months and the largest experienced throughout the past eight months on a percentage basis.

YOY increases in U.S. broiler export volumes were led by shipments destined to Mexico, followed by volumes destined to China, Hong Kong & Taiwan, while 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 Cuba have increased most significantly on a YOY basis, followed by volumes destined to Mexico, while shipments destined to China, Hong Kong & Taiwan have declined most significantly on a YOY basis over the period.

U.S. broiler import volumes finished above previous year levels for the fifth consecutive month during Feb ’22, increasing by 40.3% and reaching a record high seasonal level. Broiler import volumes remained at insignificant levels relative to export volumes, however, as Feb ’22 imports amounted to just 2.0% of export volumes. The YOY increase in broiler export volumes more than offset the increase in import volumes, resulting in Feb ’22 U.S. broiler net trade finishing 14.0% above previous year levels and reaching a record high monthly level.

’20-’21 annual net broiler trade finished 4.5% above previous year figures, reaching a record high annual level. ’21-’22 YTD net broiler trade has declined 1.8% on a YOY basis throughout the first five months of the production season, however, despite the most recent increase.

Combined Net Trade

Overall, combined net trade of U.S. pork, beef and broilers remained below previous year levels for the sixth consecutive month during Feb ’22, finishing down 155.1 million pounds, or 12.8%, and reaching a three year low seasonal level.