China's increased pork production is pushing down the prices
Pork production in China has increased by 2.1% in the first quarter reaching a volume of 15.4 million tons, informs Reuters who is citing official data released by the National Bureau of Statistics.
The number of pigs slaughtered has increased by 1.9% compared to the same quarter of 2017, to 199.8 million head. The increased production has put pressure on the prices pushing them down by about 30%.
This is the steepest decline registered in the last years on the Chinese market and the situation was caused by farmers fear for a further decline and a rush to slaughter the herds. China is the world's top producer of pork and its herd accounts for more than half the global total.
Until recently, the demand for pork was high but now it seems that the prices are going to stay down for a while due to the oversupply existing on the market.
"The whole pig farming industry has started to lose money", commented Tang Ke, director of the ministry's market and economy information department.
During the first quarter of 2018, total meat production in China, including beef, lamb and poultry, reached 23.2 million tonnes, up by 1.8 percent.
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