August 29, 2023

China's pork prices experience weekly rise

According to official data released by China's Ministry of Agriculture and Rural Affairs, pork prices in China experienced a week-on-week increase from August 14 to 20, China Daily reported.

During this timeframe, the average price of pork across regions monitored by the ministry settled at CNY 23.17 (~US$3.22: CNY 1 = US$0.14) per kg, marking a 0.3% uptick compared to the preceding week.

The data further revealed that there was an 18.5% drop in prices when assessed on a year-on-year basis.

To address market dynamics and ensure steady operations, China embarked on an initiative to bolster state reserves. In July, a total of 20,000 tonnes of pork was stockpiled, marking the second addition to the state's pork reserves in 2023. This strategic move aims to stabilise market expectations and sustain consistent functioning within the industry.

-      China Daily