Browse Data and Analysis

On December 22, 2023, President Ferdinand Marcos, Jr. signed Executive Order No. 50 (EO 50) extending lower tariffs on pork, corn, and rice for another year or until December 31, 2024. EO 50 was published on December 26, 2023, and took effect immediately upon publication.

Ample opportunities exist for U.S. agricultural exports to South Korea. Highlighted in the chart above, U.S. agricultural product exports were a record $9.5 billion in 2022, up 2 percent from 2021. South Korea is the sixth largest export market for the United States, thanks in part to a successful free trade agreement (KORUS) between the two countries and a robust demand for high-quality U.S. food products.

On September 26 and September 28, 2023, Taiwan notified the WTO that it was invoking volume-based special safeguards on imports of other chicken cuts and pork belly, respectively.

The Ministry of Agriculture and Livestock and Food Supply of Brazil (MAPA) announced the opening of the Dominican Republic market for pork and beef products on August 9, 2023.

Since 2013, Venezuela’s total meat consumption has declined 66 percent due to prolonged economic collapse. However, since 2019, an improved economic environment has led to stabilized beef production and significant growth in the poultry sector.

FAS Manila forecasts beef imports to remain flat at 200,000 MT Carcass Weight Equivalent (CWE) in 2024 because of low demand for imported beef.

The Canadian cattle herd is forecast to sustain the long-term trend of contraction in 2024. Drought impacts will see cow and heifer slaughter increase proportionally to herd size in 2023, limiting any growth potential.

The Swedish Veterinary Institute (SVA) announced it found African Swine Fever (ASF) in 13 dead wild boars.

Both EU beef and pork production are trending down to record lows in 2023 and 2024.

Highlight: Beef production and exports in 2024 are projected to increase marginally. Exports at 445,000 tons carcass weight equivalent would be the second highest on record.

Australian beef supply is forecast to recover in 2024 to the point of reaching the sixth highest production on record.

Ukraine’s cattle inventory is expected to remain on its historical downward trend in 2023 and 2024. Exports of live cattle and beef will remain strong as lower disposable incomes result in decreased domestic demand.