May 2023 Sees a Modest Increase in Frozen Whole Chicken Exports From the United States, Reaching $2.1M
U.S. Frozen Whole Chicken Exports
Frozen whole chicken exports from the United States rose notably to 1.3K tons in May 2023, picking up by 6.3% against April 2023 figures. In general, exports, however, saw a perceptible setback. The most prominent rate of growth was recorded in March 2023 with an increase of 58% month-to-month.
In value terms, frozen whole chicken exports rose remarkably to $2.1M (IndexBox estimates) in May 2023. Overall, exports, however, recorded a perceptible descent. The pace of growth appeared the most rapid in August 2022 when exports increased by 64% against the previous month. As a result, the exports attained the peak of $3.3M. From September 2022 to May 2023, the growth of the exports failed to regain momentum.
Exports by Country
Cuba (608 tons) was the main destination for frozen whole chicken exports from the United States, accounting for a 48% share of total exports. Moreover, frozen whole chicken exports to Cuba exceeded the volume sent to the second major destination, Canada (207 tons), threefold. Taiwan (Chinese) (77 tons) ranked third in terms of total exports with a 6.1% share.
From May 2022 to May 2023, the average monthly growth rate of volume to Cuba totaled +31.6%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Canada (+22.7% per month) and Taiwan (Chinese) (+0.9% per month).
In value terms, the largest markets for frozen whole chicken exported from the United States were Cuba ($633K), Canada ($451K) and Nicaragua ($161K), with a combined 59% share of total exports.
Nicaragua, with a CAGR of +120.0%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.
Export Prices by Country
In May 2023, the frozen whole chicken price stood at $1,684 per ton (FOB, US), approximately equating the previous month. Over the period under review, the export price, however, continues to indicate a modest increase. The most prominent rate of growth was recorded in June 2022 an increase of 16% m-o-m. The export price peaked at $2,249 per ton in December 2022; however, from January 2023 to May 2023, the export prices failed to regain momentum.
Prices varied noticeably by the country of destination: the country with the highest price was Bahamas ($3,386 per ton), while the average price for exports to Cuba ($1,041 per ton) was amongst the lowest.
From May 2022 to May 2023, the most notable rate of growth in terms of prices was recorded for supplies to Angola (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.