The distance has narrowed between the competition
18 January 2024
1 minute learn
The revised 2024 forecast of red meat shipments via US and EU, the sector’s most sensible two exporters, are just about on par for the primary time since 2015, in step with the latest USDA International Markets and Industry record for cattle and poultry.
US and EU exports for 2024 are each revised decrease in comparison to the October forecast. Alternatively, the distance is narrowed for those competition as US shipments are revised only one% decrease while EU shipments are revised 3% decrease.
The downward revisions for US and EU exports are pushed via anticipated weaker shipments to China, the sector’s biggest importer. Persisted vulnerable call for via China reduces export alternatives, specifically for the EU. Even though US export volumes to China stay a vital a part of overall exports, US proportion of exports to China is not up to for the EU. In 2022, US shipments to China accounted for 10% of overall exports, whilst EU shipments to China accounted for 27% of overall exports.
As well as, EU manufacturing has declined lately and is revised 2% decrease in 2024, tightening exportable provides. Forecast expansion in US manufacturing and decrease costs are anticipated to underpin US exports competitiveness in different markets.