The USDA revised the forecast of global pork production in 2024

Global pork production for 2024 is revised down 1 percent from the October forecast to 114.2 million tons on lower output in China, the EU, and Brazil.

China production is revised lower as continued weak demand discourages expanding domestic production. EU production is revised lower on continued regulatory pressure and changing consumer preferences. Brazil production is revised lower as imports from top market China continue to weaken. U.S. production is virtually unchanged with declines in the farrowings offset by increased pigs per litter.

Global pork exports for 2024 are lowered 2 percent from the October forecast to 10.2 million tons as the EU, United States, and Brazil increasingly compete for lower China imports. Although U.S. exports remain strong to many core markets, including Mexico and Canada, aggregate exports are revised lower against weak import demand from Japan and China. United Kingdom exports are also revised lower on declining demand from the European Union.

The revised 2024 forecast of pork shipments by U.S. and EU, the world’s top two exporters, are nearly on par for the first time since 2015. U.S. and EU exports for 2024 are both revised lower compared to the October forecast.

SOURCE: USDA