Pork prices continue to rise as China grapples with the effects of the African swine fever outbreak that has officially resulted in the culling of more than 1 million pigs, reported Caixin.
In June, the market price of pork rose 3.7% from the previous month and 29.2% year-on-year to RMB 25.62 ($3.70) per kilogram, according to a monthly market analysis from the Ministry of Agricultural and Rural Affairs. The price of live pigs rose 6.4% from the previous month and 40.8% year-on-year to RMB 15.94 per kilogram. The price of piglets jumped even more, up 4.4% from the previous month and up 65.7% year-on-year to RMB 39.77 per kilogram. Prices have continued to rise in July, reported Caixin.
Li Shuilong, the president of the China Meat Association, estimates from public data that total pork production in China may decline by 15% to 20% in 2019 — a drop of 8 million to 10 million tons. Dutch bank Rabobank released a forecast on Tuesday that said by the end of 2019 the size of China’s pig herds could be down by half, year-on-year.