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Chinese tariffs on US pork leave Hong Kong owner of Smithfield reeling

2018-3-28

CHINESE tariffs on imported US pork have so far hit only one producer very hard - a Chinese company, reported Bloomberg, as the shares of US pork suppliers Tyson Foods and Hormel Foods remained largely unchanged, however, WH Group Ltdr shares dived.


Hong Kong-based WH is suffering the most because its US arm, Smithfield, is the worldr largest pork producer. WH bought the company for US$4.73 billion in 2013.


US pork shipments to China totalled $1.1 billion in 2017, according to the National Pork Producers Council. While an exact breakdown by supplier wasns immediately available, itr likely that most of that meat was from Smithfield.


The US producer sent 280,000 tons of pork to China in 2016, according to Bloomberg Intelligence analyst Thomas Jastrzab.

 
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