Tyson Foods Looking for New Export Market After Facing Ban in Chinese MarketMd Noman Siddique (Author) Published Date : Aug 16, 2014 07:04 ET
After facing an export ban from China Tyson Foods is planning to find it s new global market for their pork items recently.
The Chinese authorities have banned on import of pork items on six US processing plants along with six cold storage facilities for the use of ractopamine and the Chinese authorities have been looking for a third party who would assure that the pork items are from ractopamine.
According to a statement from Tyson Foods, We re confident about the safety and quality of our pork and will work with the USDA to try to resolve China s concerns, in the meantime, we ll find other markets for our products.
However Tyson Foods did not mention where they are going to shift their focus on exporting their pork items and few other information regarding their pork export.
But the export ban could surely affect the US as China is the third largest pork export market for the US and it will hamper the business largely.
According to the Global Trade Atlas US has exported a total of 312,138 tonnes of pork which costs around $645.3 million except Hong Kong where the overall pork export was 7.5 million tonnes which is worth $20.4 billion last year.
The current meat market is in crisis after Russia have imposed a one year ban over their meat export after they faced the sanction for their support to the rebels however the demand of US pork is still high in Mexico and Japan along with several other countries.
Tyson Foods Looking for New Export Market After Facing Ban in Chinese Market