October 8, 2014

Pig prices in Germany, other EU countries plunging

EU's biggest pig producer, Germany, has suffered from low prices, along with the Netherlands, Denmark and other countries in the bloc.

According to data from Interessengemeinschaft der Schweinehalter Deutschlands e.V. (ISN) as reported by Business Week, hog prices during the first week of October dropped to their lowest since February 2011 at 1.346 euros (US$1.696) a kilogramme (2.2 pounds). 

Russia's ban on EU pork imports has contributed to the decrease in demand. The ban was imposed early this year with the discovery of African swine fever in some EU countries.

Last year Russia imported EUR969 million (US$1.22 billion) worth of pork from the EU, of which EUR240 million (US$303.9 million) worth (the biggest) came from Germany and EUR199 million (US252 million) worth of pork shipments came from Denmark.

According to ISN data, pig prices in Denmark slumped by 3.7% to EUR1.40/kg (US$1.77/kg) in the first week of October, the lowest since February 2011.

In the Netherlands they were down 4.4%  to EUR1.23/kg (US$1.56/kg), the lowest since January 2011.

In Spain pig prices declined by 4.5% to EUR1.53/kg  (US$1.94/kg), the lowest since February 2012.

In France prices dipped by 3%, while in Belgium the decline was 4.7%.

Pork constitutes almost 50% of EU's total meat consumption.