Inside: Pig Market
US pig sector offsets loss in China
The pig sector in the United States (US) continues to refute excellent export figures. The volume in October is the highest since May and is also 5% ahead of 1 year ago. The European pig sector is struggling with declining sales.
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With 211.592 tons of pork, the U.S. pork industry exported $565,4 million in October. Compared to 1 year ago, this is an increase in value of 8%. On balance, the US exported 25,4% of total pork production in October. Mexico in particular (+7% to 69.529 tons) purchased the necessary pork. Hams in particular cross the Mexican border in large volumes.
American exports are ahead
Sales to Japan also grew by 5% to 32.475 tons, while South Korea already imported more in the first 10 months (136.041 tons) than in 2016. Exports to China are so far 8% behind last year, with an exported volume of 413.032 tons.
In the first 10 months of 2017, the US sold 8% more pork, to more than 2 million tons. The underlying value increased by 10% to $5,28 billion in that period. It can be concluded that declining exports to China are compensated by growth in other sales markets.
European exports are lower
That balloon doesn't work for Europe. The European pig sector has made profits in all major sales markets in the first 3 quarters, but a significant loss in China still leaves the figures in the red. Sales to China have fallen by no less than 30,5% to 1,1 million tons compared to 2016.
European pork exports are making big gains in South Korea (+14,1% to 198.992 tons) and the Philippines (+15,8% to 186.929 tons). On balance, the European export volume will shrink by 10,4% to 2,7 million tons.