EU exported less pork in January
AHDB analyst Bethan Wilkins says that the pork exports in terms of value were €423 million in January, 5% back on year earlier levels, due to a decrease in average prices by 3% that reflected a drop in farm gate prices.
Asia was the main market for the EU pork, although, says Wilkins, China witnessed a 22% drop in pork imports or fewer shipments by 17,000 tons compared to year-earlier levels.
The Chinese market is currently oversupplied, with pig prices reporting a significant decline since mid-January. According to Wilkins, the decline in domestic prices reduce the competitiveness of imported product. In addition, exports to Hong Kong also fell 32% (-3,500 tonnes) year-on-year during the month.
Still, Wilkins says that reduction in shipments towards China was partly counteracted by the increase in exports towards other Asian countries. Exports to Japan increased 15% (+3,800 tonnes), while South Korean volumes were up 28% (+5,700 tonnes) and the Philippines grew 42% (2,600 tonnes) year-on-year. Despite rising domestic production, demand from the US was strong with volumes increasing 71% on year-earlier levels to 10,800 tonnes.
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