November 30, 2024

Pork Imports Up 15.6%

Meat imports will rise in December compared to the same month last year. Trading companies and others are gearing up for the peak demand period at the end of the year. With domestic inventory levels remaining low, import volumes of beef, pork, and chicken are expected to increase.

Pork is expected to experience the highest rise in imports. An import forecast by the Agriculture & Livestock Industries Corporation (Minato-ku, Tokyo) indicates that December imports will reach 78,200 tons, a 15.6% increase compared to the same month last year. The escalating situation in the Middle East has led to logistical disruptions through the Suez Canal, temporarily reducing the availability of European pork in Japan. As a result, imports are increasing to replenish domestic supplies.

The rise in import costs from Europe and the United States last year also led to reduced interest in procurement. Beef prices are anticipated to rise by 2.5%, reaching 37,000 tons. In Japan, instances of costly imported beef being sold at steep discounts have occurred, resulting in decreased inventory levels. As the perception of surplus inventory diminishes, trading companies are bolstering their import strategies.

The Japan Meat Trades Association, based in Minato-ku, Tokyo, forecasts chicken imports for December to reach 52,580 tons, reflecting a 3.1% increase compared to the same month last year. As chicken is generally more economical than beef or pork, it has become increasingly popular among consumers seeking to cut costs. While demand remains strong and imports are healthy, there is currently a sense of surplus inventory due to heightened procurement efforts. Domestic stock estimates at the end of September were 169,672 tons, marking a 4.4% rise from the same period last year.

The market is experiencing a downturn due to high inventory levels. Currently, the domestic wholesale price for Brazilian thigh meat stands at 380 to 390 yen per kilogram, reflecting a decline of approximately 10% from its peak in August. An official from an import trading company commented, "As imports rise, prices could decrease even more."