Malaysian egg prices on the rise
Prices of eggs from Malaysia have been on the rise in recent weeks, due to tighter demands and a jump in the price of chicken feed about five months ago.
In the wet markets, currently, a pack of 10 large eggs now goes for S$1.90, up 15 cents from three weeks ago. A carton of 10 FairPrice house-brand eggs from Malaysia now costs 5 cents more than last month.
Such hikes escalate the cost of eggs back to the near-record prices in June, when the Malaysian fuel price hike drove up costs; they are the first increases since then.
Egg importer Ang Teng Hong said: 'Egg prices have actually gone down by about one cent per egg since July. Now, it is up again.'
Hong Kong turned to Malaysian eggs last month when China eggs were found tainted with melamine. Higher demand and slackened supply have thus pushed the price of each egg up half a cent every week in the past three weeks.
Mr Goh Chong Theng, a general manager of Rabobank International, which finances agricultural ventures said that it might take a few months for confidence to be restored when it comes to China eggs, but from experience, things should return to normal in a couple of months, when China imports hit the market again.
1S$=US$0.653 (Nov 21, 2008)