Increasing Spanish pork production outstrips export growth
In the first quarter of this year, Spanish fresh/frozen pork exports increased by 1% (+4,200 tonnes) year-on-year to 422,900 tonnes.
Meanwhile, pig meat production in January and February (the latest data available) increased by 4% (+32,000 tonnes), meaning much more pork was available on the Spanish market. It may be that this pork is being stored, in anticipation of higher prices later in the year. Anecdotal reports indicate domestic demand has been declining. Average export prices were already a little higher in the first quarter (+4%), with trade valued at €924 million.
Shipments to China rose by 34% (+20,300 tonnes) year-on-year, to account for 19% of total trade. This reflects the ongoing African Swine Fever situation. Exports to a number of EU markets fell back, which limited the overall growth.