South Korean Pork Prices Soar with Higher Volatility than Mexican Market

Pork prices increased significantly in 2021. Prices were previously low in Mexico, now continue to increase until early 2021 and recorded a price change of +26.21% YoY. Meanwhile in South Korea, prices that were already high before, continued to show an increase that brought prices to a high of 5.01 USD per KG in the first week of July 2021. Mexico's frozen pork exports continued to increase and reached the highest level in 2020 with a total of 700M USD. China is a major factor that drives the export growth for Mexico, as high demand also comes when China was hit by the ASF outbreak. Meanwhile, at the same time, South Korea is actually reducing its imports from major markets.