China is set to increase pork imports in the coming months after losses for farmers last year caused a reduction in hog output that appears larger than official data suggests, according to a report from Reuters.
Pork is by far China’s favorite meat and surging prices have driven up inflation in the world’s second-largest economy. Chinese pork prices increased 51.8% in October from a year earlier, the National Bureau of Statistics said, even as third-quarter output rose by 0.7% from a year earlier.
Pork prices will remain high in 2023, due to supply reduction, according to industry analysts, farmers, and suppliers heard by the news agency, though the demand may be impacted by China’s COVID measures.
The U.S. Department of Agriculture reported 39,500 tons of pork exported to China in the week ended on November 3rd, up from an average of 24,120 tons, so far this year.
“I expect more shipments to arrive in the fourth quarter,” said to Reuters Pan Chenjun, senior analyst at Rabobank, adding that 2023 imports will be higher than 2022.