China’s Pork Sales for 2024 Lunar New Year Raise Concerns
China’s pork sales around the Lunar New Year have long been seen as a key indicator of the country’s economic health. However, concerns have been raised this year about the stability of the market and the potential for a drop in output.
A recent report by the French Broadcasting Corporation (RFI) highlighted worries about sluggish pork consumption among Chinese consumers. The report, titled “Why is the pork industry not benefiting from the Chinese New Year?” noted that Chinese consumers failed to keep their usual pork consumption appointments during the Lunar New Year, causing concern in the market.
The report also pointed to data from the Food and Agriculture Organization of the United Nations (FAO) which showed that while China’s pork production in 2023 reached about 58 million tons, prices fell significantly. The price of live pigs dropped from 37 yuan per kilogram to 17 yuan, reflecting a downturn in the market.
Experts from the French think tank Cyclope have cautioned against simply accepting the Chinese data at face value. They have highlighted concerns about the true sanitary conditions of China’s livestock and warned that the country may face a decline in production.
The report also noted that China’s imports of Brazilian soybeans, which are used as feed for pigs, have been decreasing. Experts believe this reflects China’s sluggish pork consumption and could indicate further challenges ahead for the market.
The situation raises questions about China’s ability to support its pork industry and the potential impacts on the global market. As the Lunar New Year is a traditionally important time for pork sales in China, the data from this period is closely watched by international observers.
With concerns about China’s pork market, experts and economists are urging caution and close monitoring of the situation in the coming months. The stability of China’s pork industry is a vital component of the country’s economy and has far-reaching implications for global trade and food security.