The tit-for-tat trade war with China means a lower forecast for the value of U.S. beef and pork exports next year.
The Department of Agriculture’s Economic Research Service said in its latest quarterly Situation and Outlook Report released this week that forecasts total exports of beef, pork, dairy, poultry and other livestock products combined are expected to decline $300 million to $30.3 billion next year, compared with 2018. Beef is projected down $100 million as growth in volume is offset by lower values, and Pork is forecast down $300 million despite volume growth. USDA says the lower values are expected due to weaker demand and the pressures from retaliatory tariffs.
However, poultry exports are expected to be slightly higher next year. Exports of poultry and poultry products are forecast $100 million higher to $5.3 billion, due to elevated prices and volumes for most products.
Source: National Association of Farm Broadcasting News Service.