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China’s Pork Outlook for 2024: Imports Rise as Domestic Production Declines
China’s pork industry is facing a mixed picture for the year 2024, as indicated by the latest report from the Global Information Agricultural Network by USDA’s Foreign Agricultural Service (FAS). The report forecasts a 1% decline in both swine production and pork products within the country for the upcoming year. However, amidst these challenges, there is a projected 20% growth in live pig imports, with an estimated 6,000 head set to be imported in 2024. This increase in imports is a significant step for China’s hog herd rebuilding efforts, although the numbers remain historically low.
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China cuts its pork imports in half
In 2022 China imported 1,760,000 t of pork or 2,870,000 t including offal, which represents decreases of 53% and 42%, respectively, in relation to imports in 2021, which stood at 3,710,000 t of pork and 4,990,000 t of pork and offal. Imports of offal alone have only decreased by 13%.
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China to release pork from reserves in September
Pork will be released from government reserves to ensure supply for upcoming festivals.
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China: pork prices are picking up again
In China, the mood on the slaughter pig market has brightened slightly, because the slaughter pig prices have risen by around 43% compared to March and are therefore again above the break even point despite higher feed costs.
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What to expect in the Chinese pork market this year
Pork imports will drop to 3.3 million tonnes — USDA report.
