Tridge summary
May 2020 saw a significant decrease in beef and pork exports from the United States, with beef exports dropping 33% in volume and 34% in value, and pork exports experiencing a 12% rise in volume but a 13% decrease in value compared to the same period last year. The decline in beef exports is attributed to plant disruptions due to COVID-19 and economic headwinds, despite the US-China Phase One Economic and Trade Agreement providing some momentum. Pork exports, on the other hand, were driven by demand in China and Hong Kong, but faced challenges in Japan and Mexico due to reduced production, COVID-19 restrictions, and currency issues. Lamb exports also saw a decline in both volume and value. The US Meat Export Federation (USMEF) remains optimistic, citing market access gains and anticipated growth in demand for US meat products.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
May beef exports dropped 33% from a year ago to 79,280 tonnes, with value falling 34% to $480.1 million, as shipments were higher than a year ago to Hong Kong and China but trended lower to most other markets, USMEF said. For January through May, beef exports slipped 3% below last year’s pace in volume (512,596 tonnes) and 5% lower in value ($3.14 billion). For the month, exports accounted for 12.5% of total beef production and 10.5% for muscle cuts only, down from 14.6% and 12.0%, respectively, in May 2019, USMEF said. “As protective measures related to COVID-19 were being implemented, plant disruptions peaked in early May with a corresponding temporary slowdown in exports,” said Dan Halstrom, USMEF president and chief executive officer. “Unfortunately, the impact was quite severe, especially on the beef side. Exports also faced some significant economic headwinds, especially in our Western Hemisphere markets, as stay-at-home orders were implemented in key destinations and ...
Source: Meat+Poultry
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