Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Canada - 2023

Contents:

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

Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Canada (FOB) - 2023

In December 2023, the average export price for frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat amounted to $8,089 per ton, with an increase of 11% against the previous month. Over the last twelve months, it increased at an average monthly rate of +1.9%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by the country of destination: the country with the highest price was Hong Kong SAR ($12,483 per ton), while the average price for exports to the United States ($7,470 per ton) was amongst the lowest.

From December 2022 to December 2023, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+4.4%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Canada (CIF) - 2023

In December 2023, the average import price for frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat amounted to $5,894 per ton, rising by 9.5% against the previous month. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in August 2023 an increase of 48% month-to-month. The import price peaked at $7,410 per ton in May 2023; however, from June 2023 to December 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In December 2023, the country with the highest price was the Netherlands ($11,275 per ton), while the price for the UK ($4,382 per ton) was amongst the lowest.

From December 2022 to December 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Canada

Exports of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat from Canada surged to 14K tons in 2022, jumping by 21% compared with 2021 figures. The total export volume increased at an average annual rate of +5.1% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, exports of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat skyrocketed to $107M in 2022. Over the period under review, total exports indicated a prominent increase from 2019 to 2022: its value increased at an average annual rate of +7.7% 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 +69.4% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Top Export Markets for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat from Canada in 2022:

1. South Korea (9.7K tons)
2. United States (2.3K tons)
3. Hong Kong SAR (1.2K tons)
4. Vietnam (0.4K tons)
5. Japan (0.4K tons)
6. Taiwan (Chinese) (0.2K tons)

Imports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in Canada

In 2022, approx. 2.5K tons of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat were imported into Canada; jumping by 112% on the previous year's figure. Overall, imports saw significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imports of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat skyrocketed to $14M in 2022. In general, imports continue to indicate a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Top Suppliers of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat to Canada in 2022:

1. Ireland (1158.2 tons)
2. United Kingdom (634.2 tons)
3. Netherlands (202.5 tons)
4. New Zealand (122.9 tons)
5. Spain (114.5 tons)
6. United States (108.1 tons)
7. Australia (54.7 tons)
8. Germany (40.1 tons)
9. Italy (38.6 tons)
10. France (37.8 tons)

Source: IndexBox Market Intelligence Platform