September 5, 2007

China won't require huge pork imports

Even though China has already imported more pork this year than in all of 2006, the government said it is unlikely to buy massive quantities currently.

Bi Jingquan, vice chairman of the National Development and Reform Commission (NDRC), China's top economic planning agency, told a news conference that although companies would import if prices are right, it is very unlikely that China would import huge amounts as it is already the world's top producer.

Even if it were to do so, no country in the world would be able to meet its massive demand, he added.

Even in the midst of a so-called pork shortage, China exported three times as much pork as it imported.

In the first seven months of the year, China imported 30,000 tonnes of pork and exported 95,000 tonnes.

However, the 30,000 tonnes it imported in the first seven months surpassed that in all of 2006, when it imported 24,000 tonnes.

Even though imports did not rise significantly, exports are expected to fall sharply. In the first seven months of the year, exports only reached 95,000 tonnes compared to 270,000 tonnes the whole of last year.

The price of pork, a significant factor driving inflation in the country, was up 70.3 percent at the end of August from a year earlier, according to the NDRC.