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China’s pork prices continue to retreat

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Via China Daily

Residents shop for pork at Lianyun district at Lianyungang city in Jiangsu province on Dec 3, 2019. [Photo by Wang Chun/for China Daily]

BEIJING – Pork prices in China continued to dip last week as supply increased and demand softened, official data showed.

From April 7 to 10, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs came in at 43.53 yuan ($6.18) per kg, down 3.4 percent week on week.

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

Last week, China released another 19,700 tons of frozen pork from its central reserves to ensure market supply and stabilize pork prices, according to the Ministry of Commerce.

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.

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