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Import/Export Price Indexes
Bureau of Labor Statistics > Import/Export Price Indexes > Home

Recent Price Trends in the Meat Industry

An overview of Animal Slaughtering and Processing price indexes

2024

Cuts of meat

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 2021–2023 period? (See chart 1)

  • Animal slaughtering and processing import prices advanced 15.0 percent from December 2020 to December 2023. The import price index for animal slaughtering and processing increased 21.5 percent from December 2020 to December 2021. The index then decreased 9.4 percent in 2022, before increasing 4.5 percent in 2023.
  • The import price index for animal slaughtering and processing peaked in June 2021 for the 3-year period ended December 2023, rising 30.9 percent from December 2020 to June 2021. The index then declined 12.1 percent from June 2021 to December 2023.

Q: How did import animal slaughtering and processing prices compare with other economic data? (See chart 1)

  • Import prices trended lower compared to export prices for the majority of the 3-year period. Like import prices, producer prices trended upward overall from December 2020 to December 2023, while export prices ended higher over the same period.
  • The producer price index for animal slaughtering and processing increased 25.6 percent from December 2020 to December 2023. The index advanced 35.2 percent from December 2020 to June 2022 due to continuing disruptions related to the Covid-19 pandemic. Prices drifted downward after peaking in June 2022, decreasing 7.1 percent from June 2022 to December 2023.

Q: How have export animal slaughtering and processing prices trended over the 2021–2023 period? (See chart 1)

  • Export animal slaughtering and processing prices rose 33.2 percent from December 2020 to December 2023. Export prices increased 38.2 percent in 2021 and decreased 5.1 percent in 2022. Export prices then increased 1.6 percent in 2023.
  • The export price index peaked in May 2022 for the 3-year period ended December 2023. The index advanced 42.3 percent from December 2020 to May 2022.
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Q: What are the top six exporting states and territories for animal slaughtering and processing? (See chart 2)

  • In 2023, the total trade value of exported animal slaughtering and processing was $27.2 billion, down 7.3 percent from 2022.
  • Texas ranked first for exported animal slaughtering and processing with $3.6 billion in export trade, which accounted for 13.1 percent of total U.S. animal slaughtering and processing exports.
  • Nebraska ranked second in trade value with $2.4 billion dollars, accounting for 8.7 percent. Kansas ranked third at $2.3 billion dollars accounting for 8.4% of US trade value.
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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: July 19, 2024