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China’s pork prices drop, raising concerns from major exporters

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IARN — China’s decline in hog and pork prices has raised concerns among the world’s pork exporting countries, including the United States.

As China’s demand for pork imports slides, U.S. Meat Export Federation (USMEF) Economist Erin Borror said rebuilding pork consumption in markets outside of China- especially in the Western Hemisphere- is the key to maintaining overall export growth.

Borror noted that pork consumption previously pulled back in some other major import markets when China’s demand for imported pork jumped after African swine fever was confirmed there. As a result, those markets provide excellent opportunities to rebuild demand, and the U.S. pork industry is in a great position to do so. Even with the recent rise in exports to China, the U.S. industry is the least reliant on the Chinese market among the major exporters, with only as high as 8% of its total pork production being shipped to China. Comparatively, Canada and Europe peaked at 34% and 14%, respectively, and Chile recently shipped over 40% of its pork production to China.

Story courtesy of the Iowa Agribusiness Radio Network

Image source: Wikimedia Commons

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