Emerging markets support EU exports
Russia’s ban on imports of EU pork has undoubtedly had a major impact on the pig market. However, EU pork exports have held up relatively well, with volumes down only 5% during the first nine months of the year and prices down less than 1%. Given that the Russian Customs Union accounted for 28% of EU pork exports (335,000 tonnes, equivalent to 2% of EU production) in January-September 2013, this shows the adaptability of EU exporters.
Much of the excess pork was diverted to the established markets in Asia, China/Hong Kong, Japan and Korea but most of the rest found another market somewhere outside the EU. At least for most of the period, this gave support to prices. To read analysis of these emerging markets and how sustainable they may be going forward, download the document below.