U.S. Frozen Whole Turkey Export Skyrockets to Over $118K in February 2023
U.S. Frozen Whole Turkey Exports
After three months of decline, shipments abroad of frozen whole turkeys increased by 800% to 60 tons in February 2023. Overall, exports, however, recorded a abrupt decrease. In value terms, frozen whole turkey exports soared to $118K (IndexBox estimates) in February 2023. In general, exports, however, continue to indicate a drastic downturn.
Exports by Country
Mexico (44 tons) was the main destination for frozen whole turkey exports from the United States, with a 75% share of total exports. Moreover, frozen whole turkey exports to Mexico exceeded the volume sent to the second major destination, the Dominican Republic (11 tons), fourfold. Australia (1.1 tons) ranked third in terms of total exports with a 1.8% share.
From February 2022 to February 2023, the average monthly growth rate of volume to Mexico totaled -17.0%. Exports to the other major destinations recorded the following average monthly rates of exports growth: the Dominican Republic (+0.2% per month) and Australia (-15.1% per month).
In value terms, Mexico ($74K) emerged as the key foreign market for frozen whole turkey exports from the United States, comprising 63% of total exports. The second position in the ranking was held by the Dominican Republic ($28K), with a 24% share of total exports. It was followed by India, with a 3.4% share.
From February 2022 to February 2023, the average monthly rate of growth in terms of value to Mexico stood at -18.7%. Exports to the other major destinations recorded the following average monthly rates of exports growth: the Dominican Republic (-2.0% per month) and India (0.0% per month).
Export Prices by Country
In February 2023, the frozen whole turkey price amounted to $1,971 per ton (FOB, US), falling by -33% against the previous month. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2022 an increase of 41% month-to-month. Over the period under review, the average export prices reached the maximum at $3,359 per ton in November 2022; however, from December 2022 to February 2023, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major export markets. In February 2023, the country with the highest price was India ($4,167 per ton), while the average price for exports to Mexico ($1,675 per ton) was amongst the lowest.
From February 2022 to February 2023, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (+2.1%), while the prices for the other major destinations experienced more modest paces of growth.