Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the United States - 2023
Contents:
- Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the United States (FOB) - 2023
- Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the United States (CIF) - 2023
- Exports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the United States
- Imports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the United States
Price for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the United States (FOB) - 2023
The average export price for frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat stood at $8,213 per ton in December 2023, rising by 8.4% against the previous month. Over the period from December 2022 to December 2023, it increased at an average monthly rate of +1.1%. The most prominent rate of growth was recorded in October 2023 when the average export price increased by 11% against the previous month. Over the period under review, the average export prices reached the peak figure in December 2023.
There were significant differences in the average prices for the major foreign markets. In December 2023, the country with the highest price was South Korea ($8,506 per ton), while the average price for exports to Mexico ($4,424 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 South Korea (+1.6%), 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 the United States (CIF) - 2023
In December 2023, the average import price for frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat amounted to $11,909 per ton, jumping by 26% against the previous month. Overall, import price indicated pronounced growth from December 2022 to December 2023: its price increased at an average monthly rate of +4.4% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2023 figures, import price for frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat increased by +35.0% against October 2023 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.
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 ($17,360 per ton), while the price for Nicaragua ($7,850 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 Canada (+7.8%), 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 the United States
In 2022, exports of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat from the United States soared to 145K tons, increasing by 26% on the year before. The total export volume increased at an average annual rate of +11.3% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached 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 soared to $1.2B in 2022. Overall, exports enjoyed a resilient expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| South Korea | 606 | 460 | 535 | 792 | 9.3% |
| China | 5.2 | 17.1 | 134 | 223 | 250.0% |
| Taiwan (Chinese) | 17.3 | 14.9 | 13.1 | 29.3 | 19.2% |
| Hong Kong SAR | 76.2 | 63.6 | 26.8 | 27.1 | -29.2% |
| Japan | 7.8 | 8.7 | 10.7 | 24.1 | 45.6% |
| Mexico | 6.9 | 7.9 | 9.2 | 7.9 | 4.6% |
| Others | 76.4 | 44.1 | 85.8 | 124 | 17.5% |
| Total | 796 | 616 | 815 | 1,227 | 15.5% |
Top Export Markets for Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat from the United States in 2022:
- South Korea (86.1K tons)
- China (33.7K tons)
- Japan (3.3K tons)
- Taiwan (Chinese) (2.8K tons)
- Hong Kong SAR (2.6K tons)
- Mexico (1.8K tons)
Imports of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the United States
Imports of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat into the United States contracted significantly to 5.7K tons in 2022, with a decrease of -28% on the previous year's figure. Overall, imports faced a abrupt setback. The growth pace was the most rapid in 2021 with an increase of 30%.
In value terms, imports of frozen bone-in cuts (excluding carcasses and half-carcasses) of bovine meat fell dramatically to $34M in 2022. Over the period under review, imports showed a pronounced descent. The most prominent rate of growth was recorded in 2021 when imports increased by 70%. As a result, imports reached the peak of $44M, and then fell significantly in the following year.
| Import of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Mexico | 20.4 | 12.9 | 15.1 | 12.5 | -15.1% |
| Netherlands | 1.3 | 2.8 | 7.5 | 8.9 | 89.9% |
| Canada | 8.2 | 6.7 | 10.6 | 7.3 | -3.8% |
| Nicaragua | 3.4 | 1.9 | 9.6 | 4.1 | 6.4% |
| Australia | 1.9 | 1.1 | 0.4 | 0.1 | -62.5% |
| Others | 0.6 | 0.4 | 0.9 | 0.6 | 0.0% |
| Total | 35.8 | 25.9 | 44.0 | 33.6 | -2.1% |
Top Suppliers of Frozen Bone-in Cuts (Excluding Carcasses and Half-Carcasses) of Bovine Meat to the United States in 2022:
- Mexico (2160.7 tons)
- Canada (1958.3 tons)
- Nicaragua (769.8 tons)
- Netherlands (686.6 tons)
- Australia (11.4 tons)
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