July 26, 2024

 

China's pork imports dropped more than 40% in January-May 2024

 

 

In the first few months of 2024, China's pork imports decreased considerably, according to the country's Ministry of Agriculture and Rural Affairs. 

 

From January to May, China imported 427,000 tonnes of pork, a year-on-year decrease of 47.1%. The import value was US$830 million, a year-on-year decrease of 57.3%.

 

Spain, Brazil, Chile, Canada, the Netherlands, and the United States together accounted for 81.0% of China's total imports. The country imported a total of 201,000 tonnes from EU countries, accounting for 47.1%, a decrease of 3.8% from the same period last year.

 

Abundant supply and falling pork prices will drive import demand to a rapid decline to normal levels, the ministry stated. Although pork imports are expected to fall back to the level before the African swine fever outbreaks year earlier, they will remain above one million tonnes.

 

From the production side, under the joint influence of market guidance and production capacity regulation, the Chinese sow inventory has continued to decline since last year, the ministry added.

 

At the end of May, the inventory of breeding sows was 39.96 million, a month-on-month increase of 0.2% but a year-on-year decrease of 6.2%.

 

From January to May, designated pig slaughtering enterprises slaughtered 136.04 million pigs, a year-on-year increase of 0.8%.

 

Since February, the slaughter volume has been lower than the same period last year. In May, designated pig slaughtering enterprises above designated size slaughtered 26.66 million pigs, a year-on-year decrease of 5.0%.

 

The ministry further noted a decline in the number of sows, leading to an adaptive reduction in pig production. China's oversupply of pigs has also been reversed, and supply and demand have achieved balance.

 

According to the ministry's monitoring, from December 2023 to May this year, the number of newborn piglets in the country has decreased slightly year-on-year.

 

Calculated based on a six-month fattening cycle, in the next six months, the number of live pigs on the market will be lower than the same period last year.

 

On the other hand, China's pork consumption will gradually strengthen in the second half of the year and reach a peak in the fourth quarter. As such, the pork market in the second half of the year will show a trend of weak supply and strong demand, and pork prices are expected to maintain an overall upward trend, the ministry said.

 

- Ministry of Agriculture and Rural Affairs (China)