News Pig market
US pork exporters see sales dwindle
With the exception of Mexico, US pork export figures for the first four months of this year show losses everywhere. China in particular is importing considerably less, just like Japan, although export volumes to this country are showing an improvement. The pig price in the US is not affected by the declining export figures.
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Mexico has surpassed China as the most important sales market and is increasingly distanced. In the first four months, exports increased by 32% to 283.000 tons. In the same period, exports to China (including Hong Kong) declined by no less than 74% to more than 50.000 tons. Even Japan and South Korea have purchased larger volumes so far in 2022, while exports to those Asian countries have also declined.
Japan imported more than 120.000 tons of American pork, a decrease of 10%. Exports to South Korea fell by 7% to 56.000 tons. Overall, exports suffered a 21% loss to 700.000 tons, according to figures from the US Meat Export Federation (USMEF), which publishes the statistics every month. Underlying export value declined 20% to $511 million.
In April, exports to Japan showed a slight increase again, which also outlines a favorable outlook for the coming months. In terms of volume, Japan imports less than half of Mexico, but it is larger in terms of export value. This is because Japan mainly imports luxury meat parts. Exports to Mexico could weaken in the coming months, the USMEF expects. This is because the country has removed the import duties on European pork.
Pig price on the rise
The lower export volumes are not hindering the American pig price. The Iowa/Minnesota quote is still in the seasonal rebound and passed the $2,60 per kilo level in mid-June. Historically, this is high. The market is supported by a relatively high domestic meat consumption. The pig supply has also dwindled.