5 consecutive months of growth for China's pig inventory
China has increased its national swine herd for the fifth consecutive month this year and pork prices are declining bit by bit. At the beginning of the week, the country's Ministry of Agriculture announced an increase of 29.8% in November compared to the same period last year while breeding stock rose 31.2% in the year. Pork prices dropped to 45.8 yuan ($ 6.99) per kilo, the lowest level seen so far in 2020, thanks to an increase in the supply of meat on the market, the ministry added.
That may not be good news for the main suppliers of pork in the Chinese market such as the US, Brazil, Spain or Canada. In fact, several analysts have already signalled that new markets must be found soon to avoid turbulent conditions in the global meat market. Earlier this year, Beijing officials have announced that China is looking to achieve 95% self-sufficiency in pork over the next two years.