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China pork prices fall 13.9 percent in May

China2020-06-27

Pork prices in China continued to fall last month on increased supply and lower demand, official data showed.The average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs was 37.35 yuan (about 5.3 U.S. dollars) per kg in May, down 13.9 percent month on month.The price retreat came as the government took multi-pronged measures to boost supply, including releasing frozen pork reserves and expanding imports.To soften the impact of the novel coronavirus outbreak, China has ramped up financial support, including subsidies and loans to major pig-producing counties to restore production.The National Development and Reform Commission forecast that pork prices will further decline with likely fluctuations due to seasonal or holiday factors.The resumption of hog production has been boosted and the number of piglets in farms has been increasing for months, the commission said.(Cover image: Pork on sale in a farmer's market, Shanghai, June 24, 2020. /VCG)(ASIA PACIFIC DAILY)

Pork prices in China continued to fall last month on increased supply and lower demand, official data showed.

The average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs was 37.35 yuan (about 5.3 U.S. dollars) per kg in May, down 13.9 percent month on month.

The price retreat came as the government took multi-pronged measures to boost supply, including releasing frozen pork reserves and expanding imports.

To soften the impact of the novel coronavirus outbreak, China has ramped up financial support, including subsidies and loans to major pig-producing counties to restore production.

The National Development and Reform Commission forecast that pork prices will further decline with likely fluctuations due to seasonal or holiday factors.

The resumption of hog production has been boosted and the number of piglets in farms has been increasing for months, the commission said.

(Cover image: Pork on sale in a farmer's market, Shanghai, June 24, 2020. /VCG)

(ASIA PACIFIC DAILY)

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