Breeders feed piglets at a pig farm on May 12, 2020, in Biji, Guizhou Province, China.
Deng Gang | Visual China Group | Getty Images
BEIJING – Pig prices in China fell for the first time in more than a year in many years after the country’s most popular meat months ging bark.
Pork prices fell 2.8% in October from a year earlier, China’s National Bureau of Statistics said on Tuesday. The drop was first after February 2019, or two years ago.
Prices doubled last fall and continued their rapid rise into spring this year as swine fever in Africa killed herds of pigs in China. The pace of growth has begun to slow in the last few months.
Bruce Pang, head of macro and strategy research at China Renaissance, said on Tuesday that the decline in prices was due to an increase in supply of live pigs, and that pig prices are expected to decline year-on-year in the current quarter. .
Overall inflation in China, as measured by the Consumer Price Index, is expected to decline, Peng said.
The consumer price index rose 0.5% in October compared to a year earlier, the Bureau of Statistics said. Fresh vegetable prices rose 16.7% while overall food prices rose 2.2%. Meat and lamb prices also rose by 7% and 3.6%, respectively.
Looking ahead, China’s pork supply is poised for further improvement from the recent shortage.
Zhao Guangyu, an agricultural commodities analyst at Nanhua Futures, said that according to CNBC’s translation into a Chinese-language statement, breeding has entered a period of “rapid improvement”.
Zhao expects that imports of pork and central government auctions from its stable reserves will continue to grow by the end of this year, while supply will increase as demand remains stable.
During the first quarter of the year, China’s pork imports more than doubled from a year earlier, the National Customs Agency said last month.
However, that growth is pale.
In China’s plans for the next five years, the Chinese government at the center has specifically stated that ensuring national food security will be a priority. That led to the U.S. And China will be less dependent on agricultural imports from countries like Australia, with which Beijing’s relations have soured
U.S. Agriculture Foreign Agricultural Services Oct Kto. “After the hurricane in 2020, Chinese pork imports are projected to decline by a percentage point. Production of Chinese pigs has increased by 9%, but it has been noted that Will be 25% less.
Imports this year will account for only 11% of China’s pork consumption, according to data from the USDA Foreign Agricultural Service.
The report said U.S. pork exports are likely to reach the.3 million tonnes next year, as growth in Mexico, Japan and other markets will meet China’s weak demand.
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