January 10, 2008
Hong Kong pork prices up by 40 percent on shortage in China
The shortage of pigs in China has pushed Hong Kong pork prices to the second price hike since December, by 40 percent.
The current price per 100 catties (about 60 kilogrammes) of pork is HKD1,800 (US$231) from HKD1,300 (US$166).
As of yesterday, only 3,671 live pigs came from the mainland, 10 percent fewer than usual delivery.
Ng Fung Hong, the leading supplier of live pigs, shipped only 2,800 pigs yesterday, 500 fewer than usual, the Hong Kong Pork Traders' General Association vice-chairman, Hui Wai-kin, reported.
Hui said that the large shortage may also be due to some internal operation problems in Ng Fung Hong.
Last month, Hong Kong's main pork supplier changed its policy of quota system and started selling pigs to the highest bidders.
This resulted to the boycott of pork traders, which further triggered prices to rise as high as HKD300 (US$38) to an average of HKD1,600 (US$205) per 100 catties.
Meanwhile, representatives from fresh meat traders association said the tight supply was also caused by the growing demand for pork prior to the lunar new year.