While US and Brazilian pork exports are extremely strong, European exports remain weak in the first seven months of 2024. Asia in particular is still ignoring the European market. There is a small bright spot, however. While European export prices are falling, prices in the United States are actually rising. However, falling prices in Brazil are actually making for tougher competition.
Between January and July, the European Union exported approximately 2,64 million tonnes of pig meat. The difference with last year is not significant. However, last year the export volume was already significantly lower than in previous years. In 2022, the European Union exported 2,98 million tonnes of pig meat. Compared to that year, exports fell by 11,4%. The value of exports has also not changed significantly compared to the first seven months of 2023. Compared to the same period in 2022, the value of exports decreased by 5% from €7,8 to €7,4 billion.
European pork exports may be stable, but that is in fact nothing to celebrate. 2023 was far from a good year for European pork exports. Asia is still ignoring the European pig market. Exports to China in particular have fallen. In the first seven months of 2023, the European Union exported 661.000 tonnes to the Asian country. Two years earlier, the country exported 804.000 tonnes. That is a decrease of 23,6%.
In particular, the export of frozen meat decreased significantly. In total, exports fell by no less than 53,2% from roughly 400.000 tonnes to 261.000 tonnes. The export of residual parts performed many times better and even increased by 2,9%. Compared to 2022, exports to South Korea and Japan decreased from 441.000 to 358.000. That is a decrease of no less than 23,2%. However, there is a small bright spot in those countries. Exports to South Korea and Japan increased by 7,1% compared to 2023.
US pork market very strong
Unlike the European Union, US exports are growing stronger month by month. In the first seven months of the year, the United States exported 1,75 million tonnes of pork, according to data from the US Meat Export Federation (USMEF). That is an increase of 4,1% compared to the previous year. In 2023, the United States exported 1,68 million tonnes.
In contrast to Europe, the United States is seeing export prices rise significantly. The value of exports rose by 7% from $4,67 billion to $5,0 billion. This is a much stronger increase in prices than in export volumes. This is a favourable development for Europe, especially in combination with the falling prices in the European Union. This could be the start of a stronger European competitive position.
Incidentally, both the growth of exports and the stronger growth of prices continue. The performance in the United States is getting stronger by the month. In July, exports increased by 2023% compared to the same month in 24, from 81.000 tons to over 100.000 tons. In that period, the value of exports increased by 29,1% from $189 million to $244 million.
Brazil on its way to record
Meanwhile, Brazil is on track to set an export record. Due to its strong performance in 2024, the Brazilian government expects exports to increase by around 7,7% this year to 1,33 million tonnes. Over the first seven months of 2024, Brazil exported 717.000 tonnes of pork, according to data from data agency Safras. That is an increase of 5,55% compared to the previous year. In the same period last year, exports were 680.000 tonnes. The strong results are partly due to its strong competitive position. In contrast to that of the United States, the Brazilian export price is falling. The value of exports decreased by 4% compared to the previous year to $1,58 billion. For the time being, Brazil's position on the world market is and remains the strongest.