Market News & Headlines >> China's Pork Prices to Soar
Chinese pork prices are set to soar by 70% during the second half of 2019 as hog slaughter continues to decline amid the country’s African swine fever epidemic, a senior government official told reporters on Wednesday.
The rise will take pork prices to record high levels and profits from pig farming will continue to grow, Tang Ke, director of the market and information department at the Ministry of Agriculture and Rural Affairs, told reporters, citing experts’ projections.
"A rapid rise in pork prices is likely to appear in the second half of the year with the further decline of pig supply and the rising demand during holidays," Tang noted, according to China’s Xinhua News Agency.
Data released by China’s National Bureau of Statistics on Wednesday showed the country’s hog herd declined by 10.1% during the first quarter, with pork production falling by 5.2%.
The Agriculture ministry recently reported that China’s total March hog herd was 18.8% smaller than a year earlier, while the nation’s sow herd was 21% smaller. The total hog herd was down 1.2% from a month earlier, while the sow herd was down 2.3%, ministry data showed.