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China sees lower pork prices in May

2020-June-28       Source: Xinhuanet.com

Pork prices in China continued to fall last month on increased supply and lower demand, official data showed.

Vendors sell pork at a market in Nanning, south China's Guangxi Zhuang Autonomous Region, Jan. 30, 2020. (Xinhua/Lu Boan)

Pork prices in China continued to fall last month on increased supply and lower demand, official data showed.

The average pork price index in 16 provincial-level regions tracked by the Ministry of Agriculture and Rural Affairs was 37.35 yuan (about 5.3 U.S. dollars) per kg in May, down 13.9 percent month on month.

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

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.

The National Development and Reform Commission forecast that pork prices will further decline with likely fluctuations due to seasonal or holiday factors.

The resumption of hog production has been boosted and the number of piglets in farms has been increasing for months, the commission said.

Editor: Hannah

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