NEW YORK: Latest forecasts from the US Department of Agriculture (USDA) show that US beef and veal imports look set to fall by 200,000t next year.
It says smaller volumes of imported beef, pork, cattle, and swine, plus lower pork and swine unit values, in fiscal 2016 from 2015 lead to a $1 billion, or 6%, decline in the total import value of livestock products.
Looking at beef in particular the USDA forecasts that in terms of value, imports will fall by $800m next year.
These projected changes are in contrast to increased imports of livestock products in 2015 despite larger production of domestic cattle and swine.
Higher unit values for imported beef and cattle in 2015 significantly raise their corresponding import values from 2014 levels.
Larger beef imports in this are partly because of continued domestic decline in beef production. The USDA says decreased production is due to historically low cattle inventories and the start of domestic herd rebuilding as improved pasture conditions and lower grain prices spur expansion.
Following the announcement of its opening to much fanfare earlier this year, the US beef market’s elusive manufacturing segment remains the big prize for the Irish beef industry.
Latest CSO figures show that Irish beef exports to the US for the first six months of 2015 were only 31t with a value of €194,000 to the Irish economy.
