July 9, 2020

Rising Chinese pork prices as pig farms reduce supply

China's pork prices increased last week as pig farms cut down the supply of hogs, Xinhua reported on July 7.

From June 29 to July 3, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs was ¥47.37 (about US$6.74) per kilogramme, up 3% week-on-week.

Since the start of this year, the Chinese government has taken measures to push supply, including releasing frozen pork reserves and increasing imports.

To mitigate the impact of the COVID-19 pandemic, China has ramped up financial support, including subsidies and loans, for major pork-producing counties in a bid to encourage hog production.

- Xinhua