Global pig meat trade expected to increase despite steep fall in Chinese imports

World pig meat trade is forecast at 10 million tonnes in 2024, up 1.6% from 2023. The growth is principally driven by anticipated demand increases in the Republic of Korea, Mexico, and the Philippines. In the Republic of Korea, imports are expected to rise year-on-year due to tighter domestic supplies. Meanwhile, in Mexico, pig meat imports are projected to increase, supported by strong domestic demand and facilitated by the Presidential Anti-Inflation Decree issued in December 2023, which allows tariff-free imports from countries without free trade agreements with Mexico throughout 2024. In the Philippines, continued challenges related to animal diseases are expected to constrain domestic supplies, resulting in higher import demand. The extension of the pig meat tariff reduction until 2028, introduced in June 2024, is anticipated to support this trend further. However, the growth in global import demand will be partly offset by an expected decline in imports from China, ...