Global pork trade to drop by 4%
Global pork trade will go down 4% this year, as supplies in China and the Philippines are expected to grow. The latest outlook from USDA reveals that China's pork imports are expected to drop by 19% y-o-y, as the Asian market is to reach a production of 51 million tonnes, 7% higher than in 2021.
Exporters in the EU are expected to find some relief from lower Chinese demand in the form of stronger demand in the UK, where imports are expected to increase by 7% in 2022. The EU will also boost shipments to Japan, South Korea, and Australia, countries to which EU exports have declined in recent years as sales have pivoted towards China.
Global pork production is forecast to increase by 3% in 2022, because of higher output in China. High stocks of pigs will lift supply in the first half of the year, but low producer profitability will limit growth in the second.
Global trade in pork is expected to fall by 4% to 11.7 million tonnes in 2022, as contracting Chinese and Philippine imports more than offset growth elsewhere. Chinese imports are forecast to decline by 19%, and the Philippines by 18% year-on-year.
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