BUSINESS China's hog prices continue to retreat on increasing supplies

BUSINESS

China's hog prices continue to retreat on increasing supplies

Xinhua

15:28, May 07, 2020

China is the world's top hog producer and pork consumer, with more than half the world’s total in both categories. [Photo provided to chinadaily.com.cn]

BEIJING -- The prices of live pigs in China continued to retreat as government policies to boost hog production took effect, official data showed Thursday.

Hog prices went down 3.5 percent in late April compared with the previous 10 days, according to the National Bureau of Statistics.

Since last year, the country has implemented a string of policies to encourage hog production and stabilize pork prices affected by African swine fever and other cyclical factors.

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.

Thursday's data also showed that of the 50 major goods monitored by the government, including seamless steel tubes, gasoline, coal, fertilizer and some chemicals, 36 saw their prices decrease during the period, 10 posted higher prices and four saw their prices unchanged.

The reading, released every 10 days, is based on a survey of nearly 1,700 wholesalers and distributors in 24 provincial-level regions.

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