I want to make it clear that as we talk really about the entire industry, we're equally concerned about our packing and processing industry. We're at serious risk right now of seeing further erosion. We learned back in 2003 that you never want to be as dependent on foreign processing as we were at the time. We've seen losses in every sector in our industry over the last four or five months.
That said, whatever we do in the short term, we don't want to interfere with our ability as an industry to compete into the future as well. We believe there's a strong future. We're seeing world demand for high-quality beef continue to grow. In every market we've gotten back into we've actually exceeded pre-BSE sales, with the exception of Japan, where the conditions are so tight that we just simply can't provide enough supply. It isn't that there isn't enough demand; it's the restrictions that are interfering with that.
We need to see the regulatory issues that we've identified. More credit isn't going to solve the problems of the industry. It allows us time to adjust while these other things take place, but if we don't address all of those other competitive recommendations we've made, we're delaying the inevitable. So we want to make it clear that it isn't just avoiding countervail, it's tackling these other issues.
When we were dealing with the 67-cent dollar, those things were more or less obscured by our low currency, but as we start to compete with the par dollar, every one of those factors just sticks out. It's going to take a whole range of things to be addressed for our two industries really to move forward and get back to where we feel we are competing. For the last four months we've been exporting feeder cattle at a record level. That's set a floor for cow-calf producers, but we're now facing country of origin labelling requirements in the U.S., which are going to put different requirements on that.
That said, we are still going to export close to 40% of our production. As long as we do, a countervail will put us at risk.