U.S. Department of Agriculture Exports Forecast Values Pork And Beef Exports
U.S. Department of Agriculture Exports Forecast Values Pork And Beef Exports
The U.S. Department of Agriculture (USDA) released its revised quarterly exports forecast indicating fiscal year 2005 has the potential of being the fifth-highest year for U.S. agricultural exports with estimated sales at $56 billion. The record year was last fiscal year at $62.3 billion.
The decrease in export sales this fiscal year is attributed to an increase in U.S. crop production, resulting in lower prices, in addition to increased foreign competition.
Despite the decrease in export sales, some product lines, including U.S. pork, are making advances. Red meat sales are supported by pork sales to Mexico, Japan and Canada and by beef sales to Mexico.
Global pork trade is up 11 percent, but U.S. pork and pork variety meat exports are up 32 percent so far this calendar year. Pork sales to Mexico through the first nine months of this year increased 68 percent from the same period last year, totaling 247,484 metric tons (mt). Japan is second in volume, importing 231,307 mt while exports to Canada are up 25 percent at 83,583 mt through September.
Meanwhile, Mexico is the largest importer of U.S. beef and beef variety meats at 123,019 mt through the first nine months of this year.
NAFTA partners are expected to rank as the United States' top two markets. Canada will remain the No. 1 market for U.S. agricultural products at $9.7 billion, while sales to Mexico of $8 billion are expected to surpass those to Japan of $7.7 billion. The European Union (EU) at $6.5 billion and China at $4.6 billion will round out the top five markets.
U.S. Department of Agriculture Exports Forecast Values Pork And Beef Exports
The U.S. Department of Agriculture (USDA) released its revised quarterly exports forecast indicating fiscal year 2005 has the potential of being the fifth-highest year for U.S. agricultural exports with estimated sales at $56 billion. The record year was last fiscal year at $62.3 billion.
The decrease in export sales this fiscal year is attributed to an increase in U.S. crop production, resulting in lower prices, in addition to increased foreign competition.
Despite the decrease in export sales, some product lines, including U.S. pork, are making advances. Red meat sales are supported by pork sales to Mexico, Japan and Canada and by beef sales to Mexico.
Global pork trade is up 11 percent, but U.S. pork and pork variety meat exports are up 32 percent so far this calendar year. Pork sales to Mexico through the first nine months of this year increased 68 percent from the same period last year, totaling 247,484 metric tons (mt). Japan is second in volume, importing 231,307 mt while exports to Canada are up 25 percent at 83,583 mt through September.
Meanwhile, Mexico is the largest importer of U.S. beef and beef variety meats at 123,019 mt through the first nine months of this year.
NAFTA partners are expected to rank as the United States' top two markets. Canada will remain the No. 1 market for U.S. agricultural products at $9.7 billion, while sales to Mexico of $8 billion are expected to surpass those to Japan of $7.7 billion. The European Union (EU) at $6.5 billion and China at $4.6 billion will round out the top five markets.