Price for Meat of Bovine Animals; Frozen in the United States - 2023
Contents:
- Price for Meat of Bovine Animals; Frozen in the United States (FOB) - 2023
- Price for Meat of Bovine Animals; Frozen in the United States (CIF) - 2023
- Exports of Meat of Bovine Animals; Frozen in the United States
- Imports of Meat of Bovine Animals; Frozen in the United States
Price for Meat of Bovine Animals; Frozen in the United States (FOB) - 2023
In August 2023, the average export price for meat of bovine animals; frozen amounted to $7,635 per ton, picking up by 2% against the previous month. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in February 2023 when the average export price increased by 5.9% against the previous month. The export price peaked at $7,890 per ton in August 2022; however, from September 2022 to August 2023, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major overseas markets. In August 2023, the country with the highest price was Hong Kong SAR ($9,991 per ton), while the average price for exports to Japan ($5,241 per ton) was amongst the lowest.
From August 2022 to August 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+0.9%), while the prices for the other major destinations experienced mixed trend patterns.
Price for Meat of Bovine Animals; Frozen in the United States (CIF) - 2023
The average import price for meat of bovine animals; frozen stood at $5,498 per ton in August 2023, falling by -3.8% against the previous month. Over the period under review, the import price recorded a slight decline. The most prominent rate of growth was recorded in June 2023 when the average import price increased by 3.6% m-o-m. The import price peaked at $6,374 per ton in August 2022; however, from September 2022 to August 2023, import prices failed to regain momentum.
Average prices varied somewhat amongst the major supplying countries. In August 2023, the highest price was recorded for prices from Uruguay ($6,040 per ton) and Mexico ($5,995 per ton), while the price for Brazil ($4,279 per ton) and Nicaragua ($5,033 per ton) were amongst the lowest.
From August 2022 to August 2023, the most notable rate of growth in terms of prices was attained by Mexico (+0.2%), while the prices for the other major suppliers experienced a decline.
Exports of Meat of Bovine Animals; Frozen in the United States
In 2022, the amount of meat of bovine animals; frozen exported from the United States soared to 720K tons, with an increase of 15% on the previous year's figure. The total export volume increased at an average annual rate of +10.2% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 22% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.
In value terms, meat of bovine animals; frozen exports surged to $5.8B in 2022. Over the period under review, exports saw a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 51% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.
| Export of Meat of Bovine Animals; Frozen in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 70.2 | 223 | 1,297 | 1,723 | 190.6% |
| South Korea | 1,218 | 985 | 1,308 | 1,700 | 11.8% |
| Japan | 460 | 449 | 506 | 685 | 14.2% |
| Taiwan (Chinese) | 284 | 234 | 224 | 363 | 8.5% |
| Hong Kong SAR | 605 | 533 | 360 | 277 | -22.9% |
| Philippines | 73.0 | 54.1 | 65.1 | 143 | 25.1% |
| Indonesia | 57.2 | 52.7 | 87.2 | 102 | 21.3% |
| Vietnam | 71.7 | 51.6 | 41.8 | 88.4 | 7.2% |
| Mexico | 87.1 | 61.1 | 88.2 | 86.8 | -0.1% |
| Others | 477 | 342 | 537 | 629 | 9.7% |
| Total | 3,403 | 2,986 | 4,515 | 5,798 | 19.4% |
Top Export Markets for Meat of Bovine Animals; Frozen from the United States in 2022:
- South Korea (208.5K tons)
- China (189.9K tons)
- Japan (130.8K tons)
- Taiwan (Chinese) (39.1K tons)
- Hong Kong SAR (22.9K tons)
- Philippines (18.5K tons)
- Mexico (14.4K tons)
- Indonesia (14.2K tons)
- Vietnam (10.3K tons)
Imports of Meat of Bovine Animals; Frozen in the United States
In 2022, meat of bovine animals; frozen imports into the United States expanded significantly to 472K tons, increasing by 5.3% compared with the previous year's figure. The total import volume increased at an average annual rate of +3.7% over the period from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 18%. As a result, imports reached the peak of 497K tons. From 2021 to 2022, the growth of imports remained at a lower figure.
In value terms, meat of bovine animals; frozen imports expanded sharply to $2.9B in 2022. The total import value increased at an average annual rate of +10.9% from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 21%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.
| Import of Meat of Bovine Animals; Frozen in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| New Zealand | 621 | 843 | 861 | 769 | 7.4% |
| Australia | 901 | 866 | 529 | 649 | -10.4% |
| Brazil | N/A | 92.2 | 306 | 561 | 146.7% |
| Nicaragua | 240 | 230 | 276 | 248 | 1.1% |
| Uruguay | 171 | 217 | 198 | 231 | 10.5% |
| Mexico | 93.7 | 132 | 138 | 191 | 26.8% |
| Canada | 52.6 | 54.1 | 114 | 140 | 38.6% |
| Others | 76.2 | 184 | 160 | 151 | 25.6% |
| Total | 2,155 | 2,618 | 2,582 | 2,941 | 10.9% |
Top Suppliers of Meat of Bovine Animals; Frozen to the United States in 2022:
- New Zealand (117.0K tons)
- Brazil (106.7K tons)
- Australia (90.3K tons)
- Nicaragua (44.6K tons)
- Mexico (32.7K tons)
- Uruguay (32.7K tons)
- Canada (25.6K tons)
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