US-Japan deal expands opportunities for US red meat
December 5, 2019 By Meghan Grebner Filed Under: Beef, Human Interest, Livestock, News, Pork
The US Meat Export Federation says there’s good news on the
horizon for US beef and pork industries now that the partial US-Japan trade
agreement has been approved by the Japanese Parliament.
USEMF economist Erin Borror says the US is back on a level
playing field with its competitors. “We
have been at a significant and growing tariff disadvantage compared to our
major competitors in the Japanese market,” she says. “We had already seen our market share erode especially on the pork
side with these tariff disadvantages.”
She tells Brownfield US beef and pork sectors will not only
be able to recover some of their lost market share, but capitalize on the growth
potential in the Japanese market. “Japan has continued to import more beef and
pork and we see this trend continuing,” she says. “There’s still room to grow Japanese
consumption which US red meat would help enable that growth with greater
availability and affordability.”
Now that tariff rates for the US will mirror those of major competitors, the USMEF forecast that US beef and pork exports to Japan for 2020 to reach $2.3 billion for beef and $1.7 billion for pork.
And by 2025, US red meat exports to Japan will approach the $5 billion mark as consumption of US red meat increases because of the greater access for Japanese consumers.
Implementation of the trade agreement is expected to begin
in early January.
AUDIO: Erin Borror, US Meat Export Federation
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