Brazilian Pork Exports Dip in March, but Positive Yearly Outlook Persists

Title: Brazilian Pork Exports Dip in March, but Positive Yearly Outlook Persists

Brazil’s pork export figures for March, as reported by the Brazilian Animal Protein Association (ABPA), indicate a total shipment of 91.9 thousand tons, marking a 14% decrease compared to the same period last year when it stood at 106.9 thousand tons. Despite this decline, the first quarter of 2024 saw a 5.3% increase in pork exports, reaching 289.4 thousand tons compared to 274.8 thousand tons in the same period in 2023.

The revenue generated from March’s shipments amounted to US$192.8 million, reflecting a 22.5% decrease from March 2023, when it was US$248.9 million. Similarly, the overall balance of exports for the first three months of 2024 reached US$597.7 million, down by 7.5% from the same period in 2023, which recorded US$646.3 million.

Ricardo Santin, president of ABPA, noted that despite the March downturn, the year’s total shipments remain higher than those of the previous year. This suggests positive prospects for the remainder of the year, particularly with the expansion of markets for Brazilian pork.

China continues to be the primary destination for Brazilian pork exports, though March saw a significant decrease of 46.8% compared to March 2023, with 19.3 thousand tons imported. The Philippines and Hong Kong followed, importing 14.6 thousand tons (+54.8%) and 7.4 thousand tons (-44%) respectively.

In terms of exporting states, Santa Catarina led the pack with 53.9 thousand tons shipped in March (-6.2%), followed by Rio Grande do Sul with 18.7 thousand tons (-27.8%) and Paraná with 10.2 thousand tons (-31.6%).

Luís Rua, ABPA’s marketing manager, highlighted the notable increase in sales to high-value markets such as Japan, the United States, Canada, and the Philippines, which have experienced comparative increases of over 100%. This diversification of export destinations is crucial, especially as China reduces its purchases from other suppliers.

Rua also expressed optimism regarding the Philippine market, anticipating even more significant numbers in the coming months following the recent accreditation of the Brazilian system by Philippine authorities.

Despite the March decline, Brazil’s pork export industry remains resilient, with strategies in place to navigate challenges and capitalize on emerging opportunities in global markets.