Of The Top Five Exporters, Only U.S. Production is Growing
We have talked about the ongoing growth of domestic production in recent days. What’s going on in the rest of the world? Unlike the United States, the other four of the top five exporters tell a different story.
The EU has captured a lot of attention in recent months. Looking back to the month of May, each month that’s followed has posted year over year production declines. That trend seems to be taking a little bit of a turn in the other direction as of late. In October, production was down 3.7% from October 2015, but in November that drop was just 3.5% coming in at a total production of 11.454 million metric tons.
Looking at New Zealand, production there in the month of November was down 4.5% totaling 2.845 million metric tons. In Australia, production was down 6.3% and came in at a final number of 963,000 metric tons. In Argentina, production dropped 18.3% from Nov 2015 finishing at 752,000 metric tons.
While the United States is doing its share to keep production increasing, the rest of the world has been moving in a different direction.
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