The continued decline in pork exports from the European Union (EU) is predicted to level the playing field for the United States. The 2024 forecast from the USDA’s Foreign Agricultural Service estimates the EU and U.S. will have nearly equal pork exports. If the prediction is correct, it will be the first time the export rates have been so similar since 2015.

While the largely equal rates are due to declines in the EU, the U.S. has also seen decreases since the October forecast. However, United States exports have only seen a 1% decrease. The EU saw a 3% decrease.

Both declines are tied to China, which is expected to import less pork in the coming year. The country is the largest importer of pork in the world, which impacts opportunities for both the EU and the U.S.

Read more on the report here.