Global pork production forecasts are largely unchanged
August 21, 2023
1 minute read
Global pork exports are expected to rise 2% to 10.8 million tonnes in 2023 from the April forecast, as rising shipments from the US and Brazil more than offset declines from Canada, the UK and the EU. there is USDA Foreign Agriculture Service Recent Reports.
Declining EU pork supplies offer opportunities for the US and Brazil to gain market share in several Asian markets, including South Korea and the Philippines. Strong demand from China has benefited most major pork exporters since the beginning of the year.
Global pork production in 2023 is little changed from the April forecast of 114.8 million tonnes. Increased production forecasts in China, Canada and Brazil offset declines in the EU, Japan, Philippines and Mexico.
Despite near-negative profit margins across the industry, China production is up as producers try to cut herds and maintain cash flow, with more slaughter than previously expected .
EU production continues to decline due to environmental regulatory pressure, low consumption and relatively high feed costs.
Pork production in the Philippines fell 3% due to the spread of African swine fever in key producing regions.
