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Import/Export Price Indexes

Recent Price Trends in the Meat Industry

An overview of Animal Slaughtering and Processing price indexes

2021

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 2018–2020 period? (See chart 1)

  • Animal slaughtering and processing import prices advanced 6.3 percent from December 2017 to December 2020.The import price index for animal slaughtering and processing decreased 4.0 percent from December 2017 to December 2018. The index then increased 13.6 percent in 2019, before declining 2.6 percent in 2020.
  • The import price index peaked in June 2020 for the 3-year period ended December 2020, after advancing 19.4 percent from a 3-year low in October 2018. To finish 2020, the index fell 8.3 percent in July, then trended mostly upward advancing 2.8 percent through December.

Q: How did import animal slaughtering and processing prices compare with other economic data?

  • Import prices trended similarly to export prices in 2018, before rising more sharply in 2019. Like import prices, producer prices trended upward overall from December 2017 to December 2020, while export prices ended slightly lower over the same period.
  • The producer price index for animal slaughtering and processing remained relatively constant from December 2017 to December 2020. The index rose 33.5 percent from March 2020 to May 2020 due to shutdowns related to the Covid-19 Pandemic, before returning to normal levels by July 2020. In 2020, the producer price index for animal slaughtering increased 0.2 percent, despite mid-year volatility.

Q: How have export animal slaughtering and processing prices trended over the 2018–2020 period? (See chart 1)

  • Export animal slaughtering and processing prices declined 4.1 percent from December 2017 to December 2020. Export prices decreased 5.8 percent in 2018 and increased 2.5 percent in 2019. Export prices then declined 0.7 percent in 2020.
  • The export price index peaked in March 2018 for the 3-year period ended December 2020 before decreasing 9.8 percent to a 3-year low in April 2020.

Q: What are the top six exporting states and territories for animal slaughtering and processing? (See chart 2)

  • In 2020, the total trade value of exported animal slaughtering and processing was just under $22.8 billion, up $0.3 billion from 2019. The top 6 exporting states made up over 51.4 percent of this value.
  • Texas ranked first for exported animal slaughtering and processing with $3.0 billion in export trade, which accounted for 13.3 percent of total U.S. animal slaughtering and processing exports.
  • Iowa ranked second with $2.1 billion in trade dollar value, accounting for 9.1 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 chemical industry and are considering conducting business overseas, IPP chemical manufacturing 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: November 3, 2021