July 11, 2020

China pork prices rise as demand beats supply

Last week, China's pork prices edged up due to a supply shortage and rising pork demand, official data showed Tuesday, CGTN reported.

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 RMB47.37 (about US$6.74) per kilogramme, up 3% on-week.

Since the beginning of this year, the government has been taking several measures to boost supply, including releasing frozen pork reserves and increasing imports.

The country imported a record 400,000 tonnes in April, up nearly 170% from a year earlier.

Experts said seasonal factors also contributed to the rise in pork prices. Floods since June have brought difficulties to the transport of hogs and pork, and the weather condition has also made sterilisation work harder.

To cushion the impact of the novel coronavirus outbreak, China has ramped up financial support, including subsidies and loans, for major pork-producing counties in a bid to encourage hog production.