CHINA China's pork prices continue to decline

CHINA

China's pork prices continue to decline

Xinhua

13:05, May 07, 2020

BEIJING, May 7 (Xinhua) -- Pork prices in China continued to edge down last week as supply increased and demand softened, official data showed.

From April 27 to 30, the average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs came in at 42.52 yuan (6 U.S. dollars) per kg, down 1.2 percent week on week.

The price retreat came as the government has been taking multi-pronged measures to boost supply, including releasing frozen pork reserves and expanding imports.

China has released another 7,942.21 tonnes of frozen pork from its central reserves to increase market supply and stabilize pork prices before the May Day holiday, according to the National Development and Reform Commission.

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.

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(Photo: Agencies) 

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