The latest Rabobank quarterly pork report shows global pork markets are being influenced by sluggish economic growth, weak consumption, and recurrent disease outbreaks.
After a strong first half of 2023, global trade is expected to weaken in the months ahead. Despite lower food prices, production costs should remain above pre-COVID levels. The first-half strength was driven by an increase in Chinese imports. Sales in the Philippines saw a major decline. Japan, another major U.S. pork importer, saw flat trade, with a slight shift in sourcing pork from Europe to the U.S. The EU and United Kingdom pork supply dropped in the first four months of 2023, with some countries seeing declines at double-digit rates.
Sluggish economic growth has been impacting pork consumption around the world. But pork is still cheaper than beef and premium seafood and more expensive than poultry, so it holds a relatively stable position on consumers’ palates.
