CHINA: MAIN PARTNER FOR CHILEAN PORK EXPORTS

In 2023, Chinese imports of pork reached more than 130 thousand tons, almost tripling the figures of the last decade, reflecting the relevance of this market for the national pork industry. The commercial relationship between Chile and China has developed solidly since 1970, when Chile became the first South American country to establish diplomatic relations with China. This link deepened in 2005 with the signing of the Free Trade Agreement (FTA), the first of its kind between China and a Latin American country.

China led imports from Chile in 2023, with operations valued at 37,433 million dollars, which represented 38% of Chilean exports. Recently, a customs protocol was signed between Chile and China, seeking to further diversify Chilean exports to China. Chile has capitalized on this opportunity, exporting significant quantities of pork to China. However, pork exports to China decreased by 40% in the first months of 2024, largely due to the weakness of the Asian market and high stocks of frozen products.

The future outlook hints at an improvement in the balance between supply and demand for pork in China by the second half of 2024, which could stabilize the market and offer greater predictability for Chilean exporters. China's exports and imports have shown a slight increase of 1.5%. Despite domestic demand remaining a challenge, China remains the world's largest consumer of pork and Chile's ability to adapt to market fluctuations could take advantage of emerging opportunities, maintaining its competitive position in the Asian market.