U.S. Fresh Chicken Cut Export Reduces Markedly to $67M in April 2023
U.S. Fresh Chicken Cut Exports
Fresh chicken cut exports from the United States contracted notably to 50K tons in April 2023, shrinking by -15.4% compared with the month before. The total export volume increased at an average monthly rate of +1.1% over the period from April 2022 to April 2023; the trend pattern remained consistent, with only minor fluctuations in certain months. The pace of growth appeared the most rapid in August 2022 with an increase of 16% month-to-month.
In value terms, fresh chicken cut exports declined to $67M (IndexBox estimates) in April 2023. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in May 2022 with an increase of 18% month-to-month.
Exports by Country
Mexico (41K tons) was the main destination for fresh chicken cut exports from the United States, with a 83% share of total exports. Moreover, fresh chicken cut exports to Mexico exceeded the volume sent to the second major destination, Canada (8K tons), fivefold.
From April 2022 to April 2023, the average monthly rate of growth in terms of volume to Mexico totaled +1.2%.
In value terms, Mexico ($42M) and Canada ($23M) appeared to be the largest markets for fresh chicken cut exported from the United States worldwide.
Mexico, with a CAGR of +0.9%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review.
Export Prices by Country
In April 2023, the fresh chicken cut price amounted to $1,355 per ton (FOB, US), growing by 3% against the previous month. Over the period under review, the export price, however, saw a slight setback. The pace of growth appeared the most rapid in February 2023 when the average export price increased by 12% against the previous month. Over the period under review, the average export prices hit record highs at $1,784 per ton in July 2022; however, from August 2022 to April 2023, the export prices failed to regain momentum.
Prices varied noticeably by the country of destination: the country with the highest price was Canada ($2,929 per ton), while the average price for exports to Mexico amounted to $1,026 per ton.
From April 2022 to April 2023, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (-0.3%).