South Korea drives EU export growth
EU pork exports reached the highest level since April in September, primarily thanks to a surge in shipments to South Korea.
Overall volumes were 7% higher than in September 2017, at 173,100 tonnes. However, with average prices remaining lower than a year ago, the value of exports was still down 3% on the year, at €373.4 million.
South Korea alone took almost 22,000 tonnes of EU pork; again this was the highest figure since April, being nearly 7,000 tonnes up on August’s figure and 9,000 tonnes higher than the year before. This represented 12% of exports, up from South Korea’s 8% share the year before.
Nonetheless, even when South Korea is excluded, exports to all other markets were still 1% higher than in September 2017. Hence, while this demand from this market is important at present, there are other growth areas. As in to most recent months, exports to the Philippines also increased year-on-year (+40%, 3,200 tonnes), but the leading Asian markets of China and Hong Kong took less EU pork.
Falling shipments to China and Hong Kong were the main drivers of a 16% annual decrease (-19,500 tonnes) in EU pig offal exports in September. Sales to these destinations combined were down 18% to 75,300 tonnes, and this was augmented by significantly lower shipments to Japan (-4,000 tonnes). With average prices again lower, the value of offal exports was down by a quarter on September 2017, at €118.8 million.
Bethan Wilkins, Analyst
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