Summary - Lower feed prices in 1997 and strong economic growth are expected to boost global poultry meat production. Although trade in poultry meat constitutes only 11 percent of total global demand, the United States dominates the market, accounting for a forecast 44 percent of world trade in poultry meat in 1997. Despite increased competitor exports o f chicken meat , U.S. exports are expected to continue their ascent in 1997, increasing 9 percent, as consumption and import demand, particularly in Asia, soars.
Building on a trend of escalating demand for poultry meat, world production in 1997 is forecast up 6 percent to 52.5 million tons. This gain in production is supported by a decline in feed prices from the 1996 near-record levels. While a projected 5 percent increase in U.S. production will maintain its share of world production at 29 percent, the big story in the 1997 poultry outlook is the projected 14 percent increase in China's production to 12.5 million tons, or 24 percent of global production.
Mirrored on the consumption side, China's projected increase in demand for poultry meat is expected to account for nearly half of the gains in global consumption in 1997. Projected at 50.3 million tons, poultry meat consumption is projected up in selected countries all around the world. Higher consumption is supported by large production increases in many countries, implying slightly lower poultry prices in 1997.
Total poultry meat exports, of selected countries, forecast at 5.8 million tons, is projected up 11 percent with broiler meat, accounting for nearly 88 percent of total poultry meat trade. The import market is highlighted by intense concentration with two markets, Russia and Hong Kong/China, projected to constitute nearly two-thirds of world poultry meat trade in 1997.
Despite a 13 percent projected increase in competitor exports in 1997, U.S. poultry meat exports, boosted by strong international interest in U.S. chicken leg quarters, are forecast at 9 percent above the 1996 estimated level.
China is beginning to emerge as a major player on the world poultry meat market, both on the import and export side of the trade equation. While the United States remains the world's largest poultry meat exporter, with 1997 exports forecast up 217,000 tons to 2.6 million tons, China has moved to challenge Brazil for it's position as the second largest single country exporter.
Benefitting from lower labor and transportation costs, China has been aggressively challenging Thailand, Brazil, and the United States in the Japanese market. Along with growing domestic demand for meat in China, increased modernization in poultry production techniques and breeds, the strong growth in international demand has served as a catalyst for increased poultry production. Exports in 1997 are projected at 600,000 metric tons, up 150,000 tons from the previous year's estimate of 450,000.
Port-to-port transportation between China and Japan takes only two to three days, no more than transporting products from the most distant production location within Japan. The lower costs of Chinese poultry products in the Japanese market are evidenced by wholesale prices of Chinese boneless leg quarters in Japan quoted as being 6 percent lower than its competitors. Consequently, China has been successful in targeting the Japanese market for de-boned frozen poultry products. After surpassing the United States and Thailand, China became the top broiler meat supplier to Japan in 1994 and expanded its market share in 1995 by a surprising jump of 8 points, to 37 percent. China's market share is expected to continue to expand in 1997, mainly at the expense of Thailand.
Some experts believe that China may target Japan's chilled fresh market, which is currently supplied by Japan's domestic broiler industry. This is supported by 1995 trade statistics which indicate that over 5,000 tons of chilled product was exported from China to Japan in 1995.
While both imports and exports have risen quickly since the early 1990s , China continues to be a net importer of poultry. Imports by China in 1997 are forecast at 900,000 tons. However, only one third of that is projected to be imported directly into the South China ports. Rather, the majority of poultry imports by China pass through Hong Kong. U.S. broiler parts are extremely competitive in China, accounting for 78 percent of total imports in 1995. A massive population base as well as forecasts of continued robust economic growth in China are likely to maintain strong gains in poultry meat consumption, requiring increased imports in 1997 and beyond. Poultry meat accounts at present for only 18 percent of China's meat market, compared to 30 percent in many developed countries and 37 percent in the United States. A shift in consumer preferences as consumers diversify away from pork towards poultry and seafood will accelerate the growth in demand for chicken meat, supporting growth in the domestic industry as well as imports.
Responding to a buoyant outlook for domestic consumption in China and lower feed costs, poultry producers are expected to expand production to 12.5 million tons, up 13 percent over 1996. Robust export opportunities in Japan and other Asian markets where the rapid development of the fast-food industry has spurred consumption of poultry, particularly chicken are also supporting gains in production
Over the medium term, increased production efficiencies are expected to allow production to continue to expand. Limited feed grain availabilities due to land constraints, however, and increased concern about environmental problems are likely to slow production growth from the 15 percent annual growth rates witnessed during the early 1990s, opening further the door to increased imports.
Despite a drop in the growth rate of poultry production to the lowest level in 8 years, even slower consumption gains in 1996 are prompting a resurgence of Brazilian poultry meat exports, primarily broiler meat. Surpassing an average increase in broiler exports of over 12 percent since 1987, Brazilian exports are expected to jump to 530,000 tons in 1996, 25 percent above 1995's low level.
Exports in 1996 were previously expected to remain constrained as robust economic growth boosted domestic consumption and the overvalued currency limited the competitiveness of Brazilian poultry products. However, strong exports over the first half of 1996 provided testimony to the concern in Europe and Japan about the effects of BSE (Bovine Spongeform Encephalopathy). Brazil is also reportedly increasing exports to Russia and Iran, as well as to the Middle East as France reduced sales to that market because of increased European demand. Broiler meat exports are expected to continue to remain firm in 1997, forecast at 560,000 tons.
Broiler exports from Brazil are projected to equal 12 percent of their total broiler production in 1996, up from only 10 percent in 1995. While in the past whole broilers destined for Argentina and key markets in the Middle East constituted approximately two-thirds of exports, the industry, concerned about excessive concentration, is attempting to diversify markets by exporting more parts. In fact, exports of broiler parts in 1996, for the first time, are projected to exceed those of whole birds.
Despite the strong pace of export sales, high feed costs and a slow- down in domestic broiler meat consumption in Brazil are limiting production to 4.1 million tons in 1996, only 2 percent above 1995. As inflation outpaces wage increases and beef prices drop relative to broiler meat prices, consumption in Brazil is estimated to remain stagnant at 3.6 million tons. This compares to the nearly 6 percent gains in consumption over the early 1990s and the impressive 23 percent surge in broiler meat consumption in 1995. In 1997, however, expected lower feed costs and expanded export opportunities for broiler meat are likely to provide an impetus to expand production to 4.4 million tons, 6 percent above 1996. Meanwhile, increased investment to expand broiler processing capacity into the major soybean and corn producing areas in the Center-West and to modernize current slaughter facilities are expected to sustain a medium term production expansion.
Disease outbreaks and sluggish export demand in Thailand have limited production gains in broiler meat in 1996 , with production estimated at 825,000, up 6 percent over 1995. This is down from the 11 percent surge in production in 1995 and the 8 percent annual growth that the Thai poultry meat industry experienced over the 1980's . This slower growth is expected to continue into 1997 with production forecast at 860,000 tons. The competitiveness of the poultry industry is hampered by labor shortages, limited farm land, and high production costs as feed production stagnates and import controls constrain feed ingredient availabilities.
Export availabilities continue to be eroded by strong domestic consumption which is growing in line with higher disposable incomes and changing consumption patterns which favor chicken meat over competing meats, particularly pork. Stymied by the reduced competitiveness in exporting uncooked broiler meat and the inroads made by the Chinese in the Japanese market, broiler meat exports from Thailand have waned to a projected 165,000 tons in 1996, down from 173,000 tons in 1995. They are forecast to decline even further in 1997. This is despite attempts by the poultry industry to diversify export sales to new markets.
In 1996 a BSE- induced shift in preference to poultry meat in the EU raised prices and contributed to a 3 percent increase in domestic production to 7.9 million tons. This strong gain in production is unlikely to repeat itself in 1997 with production likely to increase only 1 percent resulting in an output level of 8 million tons. Production gains will be constrained as EU feed prices rise towards world levels with the resumption of export subsidies for grains and demand for beef stabilizes.
Despite a leveling in production, exports are expected to expand slightly to 908,000 tons as demand continues unabated for imported broiler meat by Russia and other FSU republics. Both France and the Netherlands, the EU's major producers and exporters, are moving towards exporting more unsubsidized "premium" cuts, especially to the FSU.
In the second year of the post-GATT agreement, the EU subsidized export volume in 1997 must be further reduced from the 1996 level of 440,000 tons to 418,000 tons. However, restrictions on subsidized poultry meat exports by the EU appear to be unconstraining, at least in this time of lower EU feed costs and strong world demand. In 1996 unsubsidized exports are expected to reach 415,000 out of a total of 888,000 tons.
In 1995, third country exports by the EU jumped by 14 percent as exports by both France and the Netherlands responded to strong demand from Russia and the EU's traditional export markets in the Middle East. Several French poultry exporters appear to avoid direct competition with U.S. poultry on the Russian market by targeting niche markets, such as whole poultry or turkey parts. According to some sources, a major French poultry exporter is planning to set up poultry production facilities in Russia. The majority of French exports, however, are whole birds, mainly to the Middle East. In 1995, approximately 90 percent of the EU budget for chicken meat subsidies were targeted on whole chickens. Only 62,000 tons of chicken parts, the major third country export product for the Netherlands, were eligible for the export subsidies in 1995. Negotiations in the EU about the 1996/97 package, resulted, however, in slightly better opportunities which boosted export prospects for the Netherlands for 1996 to 170,000 tons. In the medium term, the poultry market in the EU is expected to remain stable with export growth slowed by subsidy limitations and production expansion hampered by stringent environmental regulations restricting investment in new facilities.
Expansion in the capacity of the Saudi poultry industry is expected to boost domestic production in 1997 to 438,000 tons, up 30 percent from 1996 as the two major broiler producers bring new plants on line. This growth in production is part of a government supported move towards promoting local processing of products from imported inputs in an attempt to emphasize self-sufficiency. While exports are small, forecast at only 35,000 tons in 1997, they are growing rapidly and destined for some of the major poultry markets in the Persian Gulf, as well as other markets such as Yemen and Iran.
Despite the forecast jump in production, poultry meat consumption in Saudi Arabia in 1997 and over the medium term will continue to exceed production, maintaining Saudi Arabia's position as an important net importer of poultry meat. Imports in 1997 by Saudi Arabia are forecast at 247,000 tons, down by 50,000 from the previous year's level as higher domestic production reduces import requirements. Brazil, France, and the United States are major suppliers. Brazilian broiler meat is generally preferred because it doesn't contain offal. Also there is a preference for the smaller-sized birds that fit rotisseries used by restaurants.
The U.S. broiler industry has been on a gravity-defying roll over the past 20 years. 1997 production is forecast at 12.5 million tons, continuing a trend of two decades worth of uninterrupted production gains. U.S. broiler production has increased 4-fold over since 1975. However, the growth in exports has progressively exceeded expectations with exports jumping 4-fold since 1990. This trend is not expected to reverse itself in 1997, nor in the medium term.
Graph: U.S. Poultry Production and Exports
Despite near-record feed costs in 1996, the U.S. broiler industry has managed to keep its feet above water as broiler exports have continued to strengthen. This helped support wholesale prices that are forecast to reach a record-high annual average of near $0.60 per pound for wholesale broilers. This was sufficient to offset the 44 percent rise in feed prices, keeping net returns positive for most broiler producers.
Broiler exports have underpinned the strength in the sector, equaling an estimated 18 percent of domestic production in 1996, up from 7 percent in 1992. Underpinned by strong international demand for U.S. broiler parts, U.S. poultry meat exports have soared since 1990, increasing at a 24 percent annual rate, to reach a projected record 2.58 million tons in 1997.
Emerging as the largest single destination for U.S. broiler exports, Russia has led the surge in poultry exports since 1994. Russia continues in 1996 to be the major recipient of U.S. poultry parts, accounting for an estimated 40 percent of U.S. exports. As a result of growing demand for U.S. frozen leg quarters, U.S. poultry meat exports are projected to reach $2.3 billion in 1996, increasing to $2.5 billion in 1997.
The profitability of the U.S. broiler industry in 1996 hinges increasingly on the export market as exports grow as a percentage of domestic production . This increased dependence was clearly revealed in March 1996 when, as a result of the temporary Russian ban on U.S. frozen poultry imports, Arkansas leg quarter prices dropped nearly 25 percent to 32 cents/pound. Margins consequently dipped below break-even, causing concern in the industry about the health of the industry being so closely linked to one important, yet uncertain, market.
Graph: Russian Poultry Crisis Shocks U.S. Market
A statistical analysis reveals that there is a strong correlation between U.S. leg quarter prices and shipments to the world's largest market for broiler parts, Russia. Nearly 65 percent of the price variability in the Arkansas leg quarter price can be linked to broiler shipments to Russia. The analysis implies that a 10,000 ton drop in exports of leg quarters would likely result in a 1.6 cent/pound reduction in the price for leg quarters. Such a strong dependence on one specific market suggests that a strategy of market diversification would be in the best interests of the U.S. industry. The U.S. industry, as well as the Dutch poultry industry, recognizes that niche markets for higher value products need to be identified and targeted.
Graph: U.S. Leg Quarter Prices Linked to Russian
While broiler exports dominate the export outlook for poultry meat, stronger exports of turkey meat also support the outlook for trade. In 1996, turkey imports by selected countries are estimated up 3 percent to 180,000 tons with Russia possibly surpassing Mexico as the largest import market for turkey. In 1997 global turkey imports are projected to increase to 187,000 tons. A surge in Mexican demand for turkey meat as the economy begins to recover in 1997 is forecast to propel Mexico, once again, into the world's largest turkey meat importer.
In Russia, as in Mexico, most of the imported turkey, estimated at 61,000 tons, is used by the local meat processing industry for the production of sausages. In Russia, cooked sausages, made from domestic ingredients, are probably the strongest competition for poultry due to their price, availability, and high degree of acceptance.
The United States remains the leading single country exporter of turkey meat with forecast exports of 197,000 tons in 1997 constituting approximately 43 percent of world trade. Mexico and Russia are the major markets for U.S. exports with additional exports destined for the Republic of Korea, the EU, and Poland.
In Korea, imported turkey meat is mainly consumed as a pork substitute in ham and sausages due to its price advantage as well as the consistency of supply. Increased market access in Korea, however, is likely to lead to stagnating demand for turkey meat as more imported pork hams and sausages are allowed directly into the Korean market.
Market access agreements in the EU are likely to constrain turkey imports to 21,000 tons in 1997. While turkey imports are limited under the total poultry meat quota system, some opportunity for increased imports can be found in the exceptions for seasoned poultry (turkey)which face only a 17 percent tariff level.
The global economic climate for 1996 is hallmarked by the strongest economic growth in 8 years and the lowest inflation in over three decades. This strong economic growth is reflected in a 6 percent increase in poultry meat consumption for 1996, outpacing the consumption gains of both beef and pork in selected countries, Total poultry consumption exceeded that of beef in 1995 and continues to gain relative to pork. This growth in consumption is projected to be sustained in 1997 with total consumption reaching 50.4 million tons as broiler prices ease from 1996's high levels.
Trade is expected to benefit, jumping 11 percent to 5.8 million tons. The composition of imports, however, is revealing with most of the chickens in two "pots". Imports by Russia and the China/Hong Kong market are projected to account for nearly two-thirds of world trade in 1997.
Graph: Two Distinct Markets Dominate Global Import Market
On-going discussions by Russian policy makers about the imposition of food quotas to reduce reliance on imported products heighten uncertainty surrounding the outlook for this important market for poultry. Despite the uncertainties surrounding the Russia import market, broiler meat imports continue to flow unabated. With domestic poultry production in Russia projected to continue its decline, albeit at a reduced pace, imports are projected to rise again in 1997. Forecast at 900,000 tons for 1997, broiler meat imports are essentially filling in for the domestic industry while consumption stays relatively stable at 1.2 million tons.
Graph: Russian Imports Surge as Production
U.S. exports to Russia and the other FSU republics were relatively insignificant until 1990 when market Liberalization in the ex-Soviet republics led to increased competition in supplying imported products. Previously, Europe, both East and West, filled Russian import demand. However, the United States entered the market in 1990, providing a low-cost, high-quality product that meets Russian preferences for convenient packaging of dark meat parts. In 1997 U.S. broiler meat is expected to remain very price competitive in Russia where many poultry factories have closed, leading to a nearly 60 percent decline in domestic broiler production since 1991.
While some local administrations are beginning to provide subsides for local production, in many areas domestic chicken parts in 1996 were reported selling for twice the Moscow price of imported chicken. The crisis in the Russian poultry industry is many faceted. The lack of high quality feed, poor genetic potential of the Russian poultry breeds, inefficient business practices and lack of market pricing for inputs are all restraining production.
Graph: Russian Poultry Consumption Relies on
After more than ten years of double digit-growth rates, the expansion in China's poultry industry is likely to maintain its rapid pace into 1997. Production is expected to jump 14 percent to 112,500 tons, approximately 24 percent of world production. Surging domestic production is being propelled by income-generated stronger consumption and expanding export prospects, specifically to Japan.
Increasing modernization in poultry production techniques and breeds is supporting this growth in production. Dissemination of new technology is rapid, promoted by equipment companies, as is the rate of adoption of new technology. In 1997, however, the growth in domestic demand is expected to outpace the ability of domestic producers to expand production. Despite a slower economic growth forecast for 1997, strong consumer demand for broiler meat in China is expected to push up consumption nearly 1.5 million tons, attracting further imports. Imports by China, directly and via Hong Kong, are projected to continue to expand in 1997 with imports by both markets forecast at 1.7 million tons, 18 percent above 1996.
Earlier in 1996, the Chinese government, concerned about the movement of poultry product through "special channels" cracked down on smuggling. Despite the crack-down and the abolition of concessions for the special economic zones, the movement of imported frozen poultry products through various South China ports continues to increase. This is despite stiff import tariffs for frozen poultry products of 45 percent, as well as a 17 percent value added tax. The U.S. industry continues to reap the advantage of the Chinese preference for gizzards, feet, chicken heads and necks with U.S. exports to both Hong Kong and China expected to reach over 500,000 tons in 1996. This market is likely to account for approximately 25 percent of total U.S. estimated broiler meat exports.
Poultry meat exports from China are expected to jump nearly 33 percent in 1997 to 600,00 tons, jockeying China into position as the world's second largest exporter, behind only the United States. However, after taking out the live chicken exports to Hong Kong, China moves to third place in the broiler export race, falling behind Brazil.
China has become the top broiler meat supplier to Japan, a position unlikely to be challenged in 1997 as competition from Thailand in the Japanese market is eroded by high labor costs and feed prices. Stable poultry meat consumption in Japan will likely limit demand for imported chicken to the 1996 level of 534,000 tons. However, the composition of import demand continues to move towards a preference for bone-in legs and de-boned leg quarters. More and more broiler meat is cut into specific parts and processed into value added products. Consequently, a promising area for trade expansion to Japan is focusing on the prepared broiler meat category, products which are seasoned, flavored, or marinated in various forms. Flavored yakitori, seasoned leg steak, breaded and pre-fired nuggets, and fried chickens are examples of these types of products.
The World Trade Organization (WTO) agreement, implemented in 1995, has led to many countries replacing non-tariff barriers with WTO sanctioned tariff rate quotas (TRQs), the tariffs of which are subject to reduction over the next 6 years. Poultry trade has been affected by the imposition of TRQs in many countries, as well as market access agreements that are nudging open previously closed markets.
Poultry meat imports by Eastern Europe have been revised downwards, with total imports in 1997 by Poland and Romania forecast at 41,000, only one-third the level of 1992. Some of the decline in import demand can be attributed to higher poultry production as the transition towards market economies raises prices and consumer purchasing power. Most of the contraction in import demand, however, is directly the result of the imposition of low quotas with high out-of-quota tariffs. In Poland it is reported that the 28,900 ton quota for 1996 has already been filled with further imports required to pay the 60 percent over quota tariff rate. In Romania, the implementation of tariff rates of 143 percent have effectively closed the door to imports, raising domestic prices and setting the stage for a medium term outlook for continued production increases.
Meanwhile EU poultry meat imports in 1997 are estimated at only 214,000 tons with broiler meat accounting for only 144,000 tons. The previous system of variable levies on poultry meat imports, in effect for over 25 years, was replaced by improved market access for third countries through a more transparent system of tariff rate quotas. However, a market access agreement by the EU opens access for poultry meat of 15,500 tons for 1996 expanding to 29,000 tons by the year 2000. This agreement leads to only minimum access to the EU market with high current import duties constraining access to less than 3 percent of domestic consumption. Imports are allowed under the above limited access commitments as well as preferential access granted to Central European countries under the "Europe" Agreements. Nearly half of the total EU poultry imports are duck and goose meat, most from central Europe. In 1995 only 45 percent of total poultry imports were chicken.
The Philippines is gradually improving access for poultry meat imports, moving to implement minimum access quotas in mid-1996. The 1995/96 (July-June) quota, established at 22,000 tons, is to be imported in the September through December 1996 period. While the United States is expected to supply some of the imports, the actual amount will depend on importers' use of the allocation as well as whether the quotas will be limited to fresh/chilled product.
In Mexico, despite expectations that poultry meat production will increase in 1997 as Mexico shows some economic recovery and stronger domestic demand, imports are forecast to expand. Total imports for 1997 are forecast at 190,000 tons, up 10 percent over the 1996 level and nearly double that of 1992. Imports continue to exceed the tariff-rate quotas set under the NAFTA agreement with imports of mechanically deboned meat (MDM) anticipated to reach higher levels than the total TRQ of 100,813 tons in 1996. The TRQ is scheduled to grow at a 3 percent annual compound rate until the year 2003 at which time all imports will be duty free.
However, concerns by both the Mexican pork and poultry industries are leading to pressure to limit the quota allocations, specifically for MDM and turkey thigh meat which are used for sausage and cold cut production, mainly "turkey ham." Meanwhile, the government is presently drafting regulations to restrict labeling of products as cooked ham for products made up of pure-pork ham. These regulations will be mandatory for both domestic and imported ham.
Lower grain prices in 1997 and a slight recovery in consumer demand in Mexico as consumer purchasing power improves, will serve to expand poultry production to 1.21 million tons, near the 1994 record. However, recovery in the sector continues to be constrained by the high cost of credit and its effect on poultry producers which have large outstanding debts.
Imports of poultry meat by Canada, while forecast at 75,000 tons, only slightly higher than 1996, are likely to be constrained in 1997 and beyond by a system of prohibitively high tariffs. In January of 1995, as part of its implementation of the WTO agreement, Canada replaced import quotas with tariff rate quotas on poultry and eggs. The United States, believing that the NAFTA calls for the elimination of all existing tariffs by 1998 and prohibits new tariffs on imports from the United States, requested the formation of a NAFTA dispute settlement panel to review the issue. The panel has yet to officially release its finding; however, trade sources indicate that the findings will support the Canadian position.
Imports of frozen chicken by Korea are expected to increase marginally in 1996 as the WTO-induced quotas of 10,400 tons are allocated. Over 6,000 tons of the quota were imported through mid-August with the remainder expected to be imported before the end of the year. Imported frozen turkey parts--used as raw material for locally-produced ham and sausages--will likely level off at 25,000 tons in 1997 and beyond as local processors are faced with increased competition from imported products due to market liberalization.
In 1997, the Korean frozen chicken market will become fully liberalized effective July 1. Constrained by a higher tariff rate of 30.2 percent and the lack of any well established trading relationships between suppliers and importers, imports are expected to remain stable in 1997. Over the longer term, however, increasing demand for poultry products is expected to boost per capita consumption from it's relatively low level of 6 kg/person. Imports will supply a growing percent of total consumption with the large, and vertically integrated, domestic producers becoming major importers and distributors of imported chicken through their own distribution channels. Geographic proximity is likely to favor China as a major supplier of chicken to this market. Further benefitting China, improvements in market facilities by local integrators is expected to open the door for new opportunities for chilled poultry products. Meanwhile, rapid expansion of the fast food sector will strengthen demand for convenience-type processed chicken products, offering expanded opportunities to U.S. suppliers.
Escalating demand for meat products worldwide is likely to increase consumption of poultry meat at an annual growth rate of 4-5 percent. Rising per capita disposable incomes and population, particularly in developing countries in Asia and Latin America are expected to provide the catalyst to strengthen demand. The major determinants of poultry consumption will remain income growth and relative prices for broiler meat in relation to other meats. However, increasingly income and price may become less important factors in explaining increases in consumption than consumer's heightened awareness of poultry's low-fat and high-protein content.
Given the favorable outlook for increasing consumption, trade prospects are expected to grow significantly due to production limitations in a number of countries. Poultry imports have the potential to expand by the year 2000 with most of the growth evidenced in developing countries.
While certain countries and regions (China and Eastern Europe) have the potential to expand exports within a regional context, poultry exports by the U.S.'s traditional competitors, Brazil and Thailand, are likely to be constrained by rising domestic demand, feed grain supplies, and higher labor costs. In the case of the EU, WTO limitations on subsidized exports should constrain their exports below historical levels.
Meanwhile, the U.S., well positioned as a low cost producer of a quality product, stands to reap the benefits of continued strong global demand for poultry products with exports likely to expand through the year 2000.
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Last modified:Friday, 22-Nov-1996