Despite a strong performance in February, Brazil’s pork meat exports (both in natura and processed products) experienced a significant decline in March, reaching their lowest levels since February 2023.
According to data from Secex, Brazil shipped 90.7 thousand tons of pork meat in March, marking a 6.3% decrease compared to February/24 and a 14.3% decline from March 2023. However, in the first quarter of this year, exports totaled 286 thousand tons, marking a 5.3% increase compared to the same period last year, setting a record for the period since Secex series began in 1997.
Despite the decrease in shipment volume, revenue amounted to BRL 953.2 million in March 2024, a 6% decrease compared to February and a 25.9% decline against March/23. In the first quarter of this year, Brazilian exporters received BRL 2.9 billion, an 11.8% decrease compared to the same period in 2023.
The decrease in March’s shipment volume is attributed to reduced demand from major importers in Asia, such as China (-26.6% from February to March) and Singapore (-22.9%). Mexico also decreased its demand from Brazil. After being among the top 11 importers of Brazilian pork meat in 2023, Mexico only purchased 25 tons in the first quarter of 2024.
However, amidst these challenges, there is hope on the horizon. Brazil’s pork sector remains positive as new meatpackers are now allowed to export products to China. This new opportunity could help revitalize the pork export industry and offset the recent decline in demand from traditional markets.
As the global landscape evolves, Brazil’s pork industry is poised to adapt and capitalize on emerging opportunities, particularly in expanding its presence in key markets like China.
