In the first quarter of 2024, China reduced pork production by 0.4%

According to the National Bureau of Statistics of the People’s Republic of China, in the first quarter of 2024 the volume of pork production in China decreased by 0.4% compared to the same period of 2023.

In January-March, China produced 15.83 million tons of pork. The quarterly decline in this industry was recorded for the first time since 2020. The reason is that from the beginning of last year to February of this year amid a wave of outbreaks of African swine fever, farmers sent more animals to slaughter than usual. The oversupply has caused prices to fall.

Last quarter, Chinese slaughterhouses received 194.6 million market hogs (-2.2% year-on-year). Producers cut back on slaughter to restore prices. Traditionally, in late January and February, when the Chinese celebrate the Lunar New Year, pork sales in China reach a peak, but this year consumer activity was low.

The PRC government has cut its 2024 breeding sow plan of 41 million to 39 million head. The supply of slaughter pigs is projected to remain above demand.
According to Mysteel, on Monday, April 15, a kilogram of pork on the Chinese spot market was worth about 15.2 yuan ($2.1), up from the end of February but well below the average cost price of 16 yuan per kilogram.

At the end of February, the number of sows in the country (40.42 million) was 6.9% behind last year. At the end of March, the total number of pigs in China decreased by 5.2% year-on-year to 408.5 million.

Tags: China, pork