US pork exports are in danger
25% of pork meat produced in the USA is in danger as the exports could take a serious hit in the following months. Representatives from National Pork Producers Council (NPPC) and market analysts are expressing their concerns about the trade wars and the dissolution of NAFTA agreement, reports Reuters.
"Without a doubt, our biggest concern is the trade situation", mentioned Steve Meyer, an NPPC consultant. Mexic and Canada are part of NAFTA agreement and also represents the first and fourth destination for US pork exports by volume. NAFTA is under renegotiations for almost half a year but there is no progress in discussions and many analysts are concerned that the U.S. could withdraw from the agreement.
On the other hand, a war trade with China could start at any point due to the political differences between Washington and Beijing. "We live in an interconnected world. And when you put your thumb in someone’s eye, they’re likely try to jab back and put their thumb in your eye", described the situation John Ginzel, an analyst at Lynn Group.
The US Meat Export Federation (USMEF) is seeing China as an important market even if pork muscle-cut exports trended lower in 2017 as China’s domestic pork production increased. Last year, the US pork exports were on a record pace, with volumes from January through November 2017 of 2.23 million tonnes, worth $5.9 billion. That was up from 2.09 million tonnes, worth $5.4 billion, for the same period in 2016, according to USMEF.
At the end of 2017 US Department of Agriculture reported 73.2 million hogs on U.S. farms, the biggest number since 1943. 25% of the pork production in the USA is exported.
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