The National Pork Producers Council welcomed the U.S.-Japan trade agreement signed on Sept 25, 2019, by President Trump and Prime Minister Abe at a ceremony attended by NPPC President David Herring and President-Elect A.V. Roth. Herring said, “I am honored to represent U.S. pork producers today at a signing ceremony so important to my fellow hog farmers around the country.”
The agreement, once implemented, places U.S. pork producers back on a level competitive playing field in its highest value export market. U.S. pork producers are losing market share in Japan because international competitors have recently entered into trade agreements with Japan, including the European Union and those countries participating in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (TPP minus the U.S.). According to Iowa State University Economist Dermot Hayes, U.S. pork exports to Japan will grow from $1.6 billion in 2018 to more than $2.2 billion over the next 15 years if the United States quickly gains access on par with international competitors.
NPPC seeks the expeditious implementation of the U.S.-Japan trade agreement to prevent continued U.S. pork market share loss in its top value export market.
- Japan has a population of nearly 127 million people.
- Japan is the third largest economy in the world.
- 2018 agricultural exports to Japan totaled $12.8 billion.
- Japan is the largest value market and second largest volume market for U.S. pork exports.
- Pork exports to Japan support 13,100 U.S. jobs.