Import/Export Price Indexes
Recent Price Trends in the Meat Industry
An overview of Animal Slaughtering and Processing price indexes
U.S. Import and Export Price Indexes contain data on changes in the prices of nonmilitary goods and services traded between the United States and the world. The U.S. Bureau of Labor Statistics produces these indexes, which are Principal Federal Economic Indicators.
Q: How have import animal slaughtering and processing prices trended over the 2019–2021 period? (See chart 1)
- Animal slaughtering and processing import prices advanced 34.5 percent from December 2018 to December 2021.The import price index for animal slaughtering and processing increased 13.6 percent from December 2018 to December 2019. The index then declined 2.6 percent in 2020, before increasing 21.5 percent in 2021.
- The import price index for animal slaughtering and processing peaked in June 2021 for the 3-year period ended December 2021, after advancing 44.9 percent from December 2019. The index then declined 7.2 percent from June to December.
Q: How did import animal slaughtering and processing prices compare with other economic data?
- Import prices trended slightly higher to export prices for the majority of the 3-year period. Like import prices, producer prices trended upward overall from December 2018 to December 2021, while export prices ended slightly higher over the same period.
- The producer price index for animal slaughtering and processing increased from December 2018 to December 2021. The index advanced 42.0 percent from December 2018 to September 2021 due to continuing disruptions related to the Covid-19 pandemic. After peaking in September 2021 prices drifted downward, falling 8.6 percent from September to December 2021.
Q: How have export animal slaughtering and processing prices trended over the 2019–2021 period? (See chart 1)
- Export animal slaughtering and processing prices rose 40.7 percent from December 2018 to December 2021. Export prices increased 2.5 percent in 2019 and decreased 0.7 percent in 2020. Export prices then increased 38.2 percent in 2021.
- The export price index peaked in November 2021 for the 3-year period ended December 2021. The index advanced 42.4 percent from December 2018 to November 2021.
Q: What are the top six exporting states and territories for animal slaughtering and processing? (See chart 2)
- In 2021, the total trade value of exported animal slaughtering and processing was just over $28.1 billion, up 23.5 percent from 2020.
- Texas ranked first for exported animal slaughtering and processing with $4.2 billion in export trade, which accounted for 15.0 percent of total U.S. animal slaughtering and processing exports.
- Nebraska ranked second with $2.4 billion in trade dollar value, accounting for 8.7 percent of total U.S. animal slaughtering and processing exports.
Q: How are import and export price indexes useful to you?
Import and export price indexes can provide a new perspective for your trade analyses. Although many sources report domestic market prices and trade volume, IPP data are unique in measuring import and export price movement.
For example, if you are involved in the meat industry and are considering conducting business overseas, IPP animal slaughtering and processing indexes can supplement your industry research by providing long-term import and export price trends.
Q: How are import and export price indexes used?
Import and export price indexes are used for a variety of purposes:
- In the conversion of U.S. trade figures from current dollars to constant dollars in U.S. trade statistics including the Bureau of Economic Analysis’ Quarterly Gross Domestic Product and the Census Bureau’s monthly U.S. trade statistics.
- To assess the impact of international trade on domestic inflation and the competitive position of the United States.
- As a tool for analyzing fiscal and monetary policy, measuring the impact of exchange rates, and escalating trade contracts.
- To identify industry-specific and global price trends.
Last Modified Date: August 16, 2022