USDA forecasts world pork production in 2023 to reach 114.8 million tons

Global pork exports are expected to decline by 1.8 percent to 10.8 million tons (+2 percent from April 2023 forecast); Pork exports from the US and Brazil increased, offsetting declines from Canada, the UK and the EU. Global pork imports are expected to reach 9.81 million tonnes, down 0.9%. Pork consumption is forecast to increase 0.5% to 113.8 million tons. China's pork production is expected to reach 56 million tons, up 1.1%, import volume is estimated to increase 8.2% to 2.3 million tons. Despite the overall decline in pork industry profits, China's pig production is still up, profits are higher than expected as producers reduce herd size thus maintaining profitability. Strong demand from China has benefited most of the major pork exporters. EU pork production is expected to fall 2.8% to 21.7 million tons, while exports are expected to reach 3.7 million tons, down 11.3%, imports are estimated at 100,000 tons, down 17.4%. EU pork production continues to decline due to ...