Egypt                                    ...

Egypt                                                                                            

Beef Exports To Egypt Cannot Come From Canadian Cattle

U.S. beef exports to Egypt must come from U.S. cattle, not cattle born in Canada. To export U.S. beef to Egypt, companies must be part of the USDA’s beef export verification program (BEV). Details of which are in the online FSIS Export Library of Requirements. Feeder cattle marked as of Canadian origin, slaughter cattle for immediate slaughter in the U.S. from Canada, Canadian beef carcasses, offal or beef products of any kind must be excluded from the BEV program for Egypt. Quality manuals must be updated and employees properly trained to know Canadian product cannot be exported to Egypt.

China

China Revalues Currency In Efforts To Balance Trade

China revalued its currency today severing the link between the Chinese yuan and the U.S. dollar, which undervalued the yuan up to 40 percent, giving Chinese exporters an unfair price advantage.

The revaluation is a first step in balancing trade flows and reducing trade tensions. China’s action came in response to intense pressure from trading partners led by the United States.

This could lead to higher returns for U.S. pork producers as it is expected China export volumes will decrease and import volumes will increase. U.S. pork and pork variety meat exports to China through May of this year are up 102 percent in volume at 33,576 metric tons (mt) and 118 percent in value at $37.7 million from the same period last year.

Movement in value of the yuan will be limited to a 0.3 percent daily band against a basket of foreign currencies. The exchange rate is now 8.11 yuan to the U.S. dollar, a two percent devaluation from 8.277 yuan where it had been for the last decade. The currency revaluation affects China only. Hong Kong will keep its currency linked to the U.S. dollar.

Egypt                                                                                            

Beef Exports To Egypt Cannot Come From Canadian Cattle

U.S. beef exports to Egypt must come from U.S. cattle, not cattle born in Canada. To export U.S. beef to Egypt, companies must be part of the USDA’s beef export verification program (BEV). Details of which are in the online FSIS Export Library of Requirements. Feeder cattle marked as of Canadian origin, slaughter cattle for immediate slaughter in the U.S. from Canada, Canadian beef carcasses, offal or beef products of any kind must be excluded from the BEV program for Egypt. Quality manuals must be updated and employees properly trained to know Canadian product cannot be exported to Egypt.

China

China Revalues Currency In Efforts To Balance Trade

China revalued its currency today severing the link between the Chinese yuan and the U.S. dollar, which undervalued the yuan up to 40 percent, giving Chinese exporters an unfair price advantage.

The revaluation is a first step in balancing trade flows and reducing trade tensions. China’s action came in response to intense pressure from trading partners led by the United States.

This could lead to higher returns for U.S. pork producers as it is expected China export volumes will decrease and import volumes will increase. U.S. pork and pork variety meat exports to China through May of this year are up 102 percent in volume at 33,576 metric tons (mt) and 118 percent in value at $37.7 million from the same period last year.

Movement in value of the yuan will be limited to a 0.3 percent daily band against a basket of foreign currencies. The exchange rate is now 8.11 yuan to the U.S. dollar, a two percent devaluation from 8.277 yuan where it had been for the last decade. The currency revaluation affects China only. Hong Kong will keep its currency linked to the U.S. dollar.