Prices of pigs and pork in China soared to a record high lately, possibly approaching the May record of 21 yuan ($3.15) per kilogram as floods in the nation’s central provinces drove down supply and increased concerns of potential disease outbreaks.
Whole sale pork prices increased 11% this year and reached a record 26.74 yuan per kilogram in June while domestic hog prices increased 51% by far this year, according to Shanghai JC Intelligence.
Imports is expected to increase 30% to more than 2 million tonnes as output declines 5%. In the first half of the year, output as already fallen by 3.9% as the provinces accounting for one-third of the nation’s pork production were hit hardest by the floods, according to the National Bureau of Statistics.
According to Rabobank International, China would import a record volume of pork this year to compensate for a supply gap following the floods. For example, China’s import of pork from the US increased 181.03% to 97,800 tonnes on July 21, up from 34,800 tonnes this time in 2015.