Japanese import demand for U.S. beef and pork: effects on U.S. red meat exports and livestock prices

摘要

Japanese import demand tor U.S. beef and pork products and the effects on domestic livestock prices are econometrically estimated. Japan is the most important export market for U.S. beef and pork products. Results indicate foreign income, exchange rates, and protectionist measures are statistically significant. The comparative statics quantify the effects of recent economic volatility. For example, the 1995-1998 depreciation in the Japanese yen (39 percent) reduced U.S. slaughter steer and hog prices by 1.29 per dollar cwt and 0.99 per dollar cwt, respectively, while the 1994-1998 reduction in tariffs (14 percent) increased slaughter steer and hog prices by 0.49 per dollar cwt and 0.33 per dollar cwt respectively. Livestock producers will continueto have a vested interest in Asian trade liberalization policies.