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15

2022

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11

Price Gap Widen Between Chinese and Overseas Pork Products With Pork Price Falling Worldwide

Source:

OIG+X

In Oct 2022, China's pig carcasses wholesale prices rose sharply, and the price gap between China and foreign countries widened to around 20 yuan: 19.7 yuan/kg between China and Spain, 18.3 yuan/kg between China and the United States, and 20.4 yuan/kg between China and Brazil.

 

 

The FAO Meat Price index continued to fall in Oct. Data show that (based on 2014-2016) it has been on the rise since Oct 2020. After reaching an all-time high in June 2022, it has fallen for three consecutive months, rising from 112.15 in Jan to 125.92 in June, and then falling to 118.41 in Oct, down 1.4% month-on-month and up 5.8% year on year.

 

Due to sluggish global import demand and declining domestic demand in major producing countries, pork prices fell significantly, with the index at 103.73, down 2.9% month-on-month (the first drop after four consecutive months of increase) and up 16.7% year on year (higher than the same period for eight consecutive months).

 

The US pork price in October 2022 was 2.24 US$/kg, down 1.1% MoM (3 consecutive months of decline) and 0.8% YoY (3 consecutive months of lower than the same period last year). In the first nine months of 2022, US pork exports totaled 2.113 million tons, down 13.3 % YoY, while exports to China totaled 194,000 tons, down 57.7 % YoY. In Sept, the US exports of pork reached 233,000 tons, up 0.4 % YoY, while exports to China reached 25,000 tons, up 3.7 % YoY.

 

The EU pork price in Oct 2022 was 2,025.1 €/ton, down 3.8% YoY and up 55.1% YoY (11 consecutive months higher than the same period last year).

 

The price of pork in Brazil in Oct was 1.96 US$/kg (10.32 R$/kg, 14.07 yuan/kg), up 4.7% MoM and 2.4% YoY. From Jan to Sept, Brazil exported 810,000 tons of pork, down 5.3% YoY, and exported 318,000 tons to China, down 28.1 % YoY. In Sept, pork exports were 101,000 tons, down 8.8 % yOy. Exports to China were 47,000 tons, down 12.1 % YoY.

 

In Oct 2022, China's pig carcasses wholesale prices rose sharply, and the price gap between China and foreign countries widened to around 20 yuan: 19.7 yuan/kg between China and Spain, 18.3 yuan/kg between China and the United States, and 20.4 yuan/kg between China and Brazil.