Record-Breaking Surge in Spain's Pork Price to $3,924 per Ton

Record-Breaking Surge in Spain

In May 2023, the pork price in Spain reached an unprecedented level of $3,924 per ton (FOB, Spain), remaining stable compared to the previous month. Over the past year, the price has been rising steadily at an average monthly rate of +2.2%. The most significant increase occurred in March 2023, with a remarkable growth of 9.3% compared to the previous month. This peak in export price was observed in May 2023. There were notable variations in average prices for major foreign markets. South Korea recorded the highest price of $4,921 per ton, while China had one of the lowest average prices at $2,728 per ton. From May 2022 to May 2023, the most considerable price growth was observed in exports to Italy (+3.8%), while other major destinations experienced more moderate increases. Spain witnessed a substantial surge in pork exports in May 2023, reaching 160K tons, an 18% increase compared to the previous month. Overall, exports displayed a relatively stable trend, with the most notable growth rate recorded in November 2022, a 20% increase in volume. By value, pork exports reached $626M in May 2023, growing at an average monthly rate of +1.7% from May 2022 to May 2023, with some noticeable fluctuations throughout the analyzed period. Frozen pig meat other than cuts or carcases, fresh or chilled pig meat other than cuts or carcases, and fresh or chilled hams, shoulders, and cuts of pig meat dominated Spain's pork exports, accounting for a combined 92% of total exports. The most significant growth in shipments among major product types was observed in fresh pork carcasses (+6.9%), while other products showed more modest growth rates. China, Italy, and France were the primary destinations for Spain's pork exports, making up 38% of total exports. Bulgaria experienced the highest growth rate in shipments among major countries of destination (+4.5%), while others showed more moderate growth rates. In terms of value, Italy, France, and China were the largest markets for Spain's pork exports, accounting for 32% of total exports. Bulgaria achieved the highest growth rate in export value (+8.1%) among the leading destinations, while others experienced more modest increases.

Source: IndexBox Market Intelligence Platform

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