Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Mexico - 2023

Contents:

1. Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Mexico (FOB) - 2023
2. Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Mexico (CIF) - 2023
3. Exports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Mexico
4. Imports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Mexico

Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Mexico (FOB) - 2023

The average export price for fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat stood at $6,294 per ton in November 2023, dropping by -1.7% against the previous month. Overall, the export price, however, posted a modest increase. The growth pace was the most rapid in May 2023 when the average export price increased by 11% month-to-month. The export price peaked at $6,523 per ton in August 2023; however, from September 2023 to November 2023, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the United States.

From November 2022 to November 2023, the rate of growth in terms of prices for the United States amounted to +1.2% per month.

Price for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Mexico (CIF) - 2023

In November 2023, the average import price for fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat amounted to $13,019 per ton, which is down by -18% against the previous month. In general, import price indicated a temperate expansion from November 2022 to November 2023: its price increased at an average monthly rate of +3.4% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on November 2023 figures, import price for fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat decreased by -23.8% against August 2023 indices. The pace of growth appeared the most rapid in January 2023 an increase of 97% against the previous month. Over the period under review, average import prices reached the peak figure at $19,751 per ton in April 2023; however, from May 2023 to November 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In November 2023, the country with the highest price was Canada ($20,523 per ton), while the price for the United States stood at $12,514 per ton.

From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by the United States (+3.8%).

Exports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Mexico

Exports of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat from Mexico expanded rapidly to 97K tons in 2022, growing by 6.3% compared with the year before. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 8.2% against the previous year. As a result, the exports reached the peak of 106K tons. From 2021 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat declined to $544M in 2022. Over the period under review, total exports indicated prominent growth from 2019 to 2022: its value increased at an average annual rate of +11.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +38.2% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 30%. As a result, the exports reached the peak of $594M, and then fell in the following year.

Top Export Markets for Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat from Mexico in 2022:

1. United States (95.7K tons)

Imports of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Mexico

In 2022, approx. 2.8K tons of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat were imported into Mexico; which is down by -46.4% against 2021. Overall, imports showed a sharp downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 1.4%.

In value terms, imports of fresh or chilled bone-in cuts (excluding carcasses and half-carcasses) of bovine meat dropped rapidly to $35M in 2022. In general, imports recorded a mild slump. The growth pace was the most rapid in 2021 with an increase of 84% against the previous year. As a result, imports reached the peak of $44M, and then declined remarkably in the following year.

Top Suppliers of Fresh or Chilled Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat to Mexico in 2022:

1. United States (2478.6 tons)
2. Canada (286.5 tons)

Source: IndexBox Market Intelligence Platform